Money Laundering Network Exposed

Published: 02nd August 2015 04:43 AM  |   Last Updated: 02nd August 2015 04:43 AM   |  A+A-

NEW DELHI: By examining the seized documents from India and Australia, the Enforcement Directorate (ED) sleuths have exposed penetration of a Australia-Hong Kong-India-US-UK money laundering network that used proxy companies in Australia, Hong Kong, US and India to launder drug-money using 44 legitimate bank accounts in India which were recently freezed by the ED. The bank account statement of Billion Trend Forex in Sydney shows that on an average one transfer was made to Billion Trend Forex, Hong Kong. Sample this: In February-March 2013, 1 million Australian dollars were moved with an average of one transfer every day.

The account details of all other companies, SK Trading-bank account with St. George bank and New Zealand Banking Group, SK Trading NSW with Commonwealth bank, Ymaxis Enterprises with Commonwealth bank, Tripat Enterprises with Commonwealth bank and AVS Forex Forex with ANZ bank shows that organised syndicate channelised the funds through various bank accounts in Australia and Hong Kong and merged them into mainstream to camouflage the source of the funds.

Global Footprints

The ED officers collected documents from the AFP, which indicate the role of each individual and the way in which the funds generated by the Australian mafia involved in drug trafficking have been transferred into funds of legitimate origin.

Since the matter has international ramifications, ED has initiated inquiries with other countries.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)


Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on are those of the comment writers alone. They do not represent the views or opinions of or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp