ED arrests tea owner-turned financer Bhajiawala in a PMLA case

Kishore Bhajiawala allegedly used 1,000 fake IDs to illegally convert Rs 1 crore in old notes into new post demonetisation.

Published: 20th January 2017 11:09 AM  |   Last Updated: 20th January 2017 09:54 PM   |  A+A-

File Photo for Representational Purposes.

By Express News Service

SURAT: The Enforcement Directorate (ED) on Friday said it has arrested Surat-based financer Kishore Bhajiawala in a money laundering case relating to illegal conversion of scrapped currency notes. 

Director of ED Karnal Singh in a tweet said, “”ED arrests Jignesh Kishorebhai Bhajiawala of Surat under PMLA for converting old currency to new illegally.”

The ED had registered a case under Prevention of Money Laundering Act (PMLA) against Bhajiawala and his relatives after taking cognisance of a CBI FIR against him. The CBI had registered a case after the Income Tax department first conducted searches and seized gold and cash from his premises in Surat in December.

Bhajiawala is alleged to have laundered Rs 1.2 crore by using fake IDs for opening bank accounts. He had converted the scrapped currency post-demonetisation by colluding with bank officials and private persons by indulging in impersonation, forgery and presenting forged documents as genuine.

"An amount of over Rs 1.02 crore in new currency was seized by the I-T department from his premises during searches at his home, shop and bank lockers. The accused (Bhajiawala) had hired several bank lockers in benami names to stash the unaccounted assets," the ED has alleged in its case.


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