Kingpin behind trade-based money laundering arrested

It is learnt that the accused, a proprietor of Astral Exim and Co, allegedly operated an array of accounts at various banks.

Published: 07th July 2019 04:21 AM  |   Last Updated: 07th July 2019 04:21 AM   |  A+A-

Handcuffs, arrest

For representational purposes

By Express News Service

CHENNAI: Enforcement Directorate (ED) has arrested Muhammed Riyaz, the alleged mastermind behind trade-based money laundering case involving shell entities, after an investigation on the specific instruction from Central Vigilance Commission. This comes after a case was registered by the ED based on an FIR filed by Central Bureau of Investigation alleging fraudulent high-value forex outward remittances or transactions exceeding Rs 3,500 crore using 57 shell entities current account opened at Syndicate Bank, Armenian Street branch here. 

It is learnt that the accused, a proprietor of Astral Exim and Co, allegedly operated an array of accounts at various banks. The modus operandi was to open current account in the name of fictitious business entity at first instance based on fabricated identity documents obtained by the individual.

As a subsequent move, sums were poured into the accounts operated in complete anonymity from various other accounts maintained on pan India basis. As the final move, fabricated documents were submitted before the banks, made them send the foreign exchange outside the country under the guise of advance payments against imports, ED sources said. On Thursday, ED recovered multiple identity documents from the residential premises of Riyaz. He has been remanded in Puzhal Central Prison.

It was found that Riyaz an integrated a sum of Rs 14.5 crore collected from various persons on a pan-India basis within two months. The funds were immediately transferred to various entities in Hong Kong


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