CHENNAI: The Enforcement Directorate attached Rs 1.75 crore in Indian Bank branch here belonging to K Liakath Ali, one of the accused in remitting foreign exchange through shell companies using fake documents.
Ali was earlier arrested for his alleged involvement in operating shell companies and cheating Indian Bank, Thousand Lights Branch here.
The Enforcement Directorate said that the Chennai city police have registered a first information report based on complaint of Indian Bank for cheating using forged documents by certain importers. “It is a trade-based money laundering using shell companies by the traders engaged in import of electronic consumer goods. Here, they remitted large amount of foreign exchange out of India by cheating Indian Bank,” said ED sources.
ED said that forged bills of entry were used in the guise of actual documents generated through electronic data interface of Indian customs. Using the forged documents outward foreign exchange remittance worth Rs 18.66 crore were made from the bank accounts held in the name of shell entities without affecting physical imports, ED added.
During investigation, the ED recovered multiple PAN cards and driving licences from the possession of Liakath Ali which he used to make minor variations in his name for opening bank accounts.
In all, Liakath Ali made outward remittance of Rs 18.66 crore by forging 24 forged bills of entry without any actual imports into India. An amount worth Rs 1.75 crore parked in Indian Bank account for making remittances by Liakath Ali and identified as proceeds of crime has been attached under Section 5 (1) of Prevention of Money Laundering Act, 2002.