HYDERABAD: The Enforcement Directorate (ED) has conducted searches under the provisions of FEMA,1999 at the premises of M/s. Capricornian Shipping & Logistics Pvt Ltd.
The probe agency also searched the offices of the directors Vijay Kumar Shukla and Sanjay Goswami and associated entities M/s. Laxmiton Maritime, M/s. Hindustan International, M/s. Rajnandini Metals Limited, M/s. Stawart Alloys India Pvt Ltd; M/s. Bhagyanagar Limited, M/s. Vinayak Steels Limited, M/s. Vashishta Constructions Pvt Ltd and their directors/partners Sandeep Garg, Vinod Kedia, and others in Delhi, Hyderabad, Mumbai, Kurukshetra, and Kolkata.
The agency initiated an investigation based on credible information, revealing that the entities are involved in sending foreign exchange outside India on a large scale and made suspicious outward remittances of Rs 1,800 crore to M/s. Galaxy Shipping & Logistics Pte Ltd Singapore and M/s. Horizon Shipping & Logistics Pvt Ltd Singapore. Both these overseas companies are managed by one Anthony De Silva.
It has been found during the search at M/s. Capricornian Shipping & Logistics Pvt Ltd; M/s. Laxmiton Maritime along with its associates made an outward remittance of Rs 1,800 crore to Singapore-based entities with bogus freight services, imports, and layering them through a web of complex transactions with the help of shell entities like M/s. Neha Metals, M/s. Amit Steel Traders, M/s. Triple M Metal and Alloys, M/s. HMS Metals.
During the searches, unaccounted cash amounting to Rs 2.54 crore, a part of which was hidden in a washing machine was found and seized. Further, various incriminating documents and digital devices have been seized during searches. As many as 47 bank accounts of the entities have also been frozen.