HYDERABAD: The Enforcement Directorate (ED) on Monday said that it has arrested Deepak Nayyar of New Delhi, a partner in Seabay International, on charges of money laundering in connection with the Chinese loan apps cases. Nayyar was arrested on May 5 and produced before the Special Court at Hyderabad, the ED statement said.
The accused has allegedly laundered Rs 1,146 crore to Hong Kong by sending Foreign Outward Remittances from select branches of State Bank of India and State Bank of Mauritius at Mumbai by using forged Air Way Bills (AWBs) of reputed companies in the guise of freight forwarding services and fabricated invoices in the guise of import of cloud CCTV storage rental services.
Earlier on December 27, 2021, Ravi Kumar, chartered accountant of HAR Associates, was arrested in this case while the suspected mastermind and proprietors of the shell firms remain at large, the ED statement said. It is alleged that the amounts extorted from victims of online micro loans apps were diverted and sent offshore by shell companies. Following the trail of funds during their investigation of the loan apps case, ED sleuths came across a new modus operandi involving the use of forged AWB.
ED shared this information with the Hyderabad police, following which a fresh case was registered at the Central Crime Station in September 2021. Investigating the suspected bank accounts and analysis of I-T and GST returns led the ED to Nayyar, the entry operator who was using the shell companies to launder the money.
These shell companies received laundered money partly from Chinese companies and partly from other suspicious unconnected entities to the tune of Rs 1,146 crore which was sent out as foreign outward remittances based on fake certificates and documents. Further investigation in the case is on, the ED said.