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.

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