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ED procures NBW against 4 accused in international hawala transaction worth Rs 565 crore

The Enforcement Directorate (ED) on Tuesday said it has procured Non Bailable Warrant (NBW) from special PMLA court here against absconding Naresh Jain and his accomplices in a Rs 565 crore international hawala case.

The agency in a statement said a Delhi special court under Prevention of Money Laundering Act (PMLA) took cognisance of the prosecution complaint filed by the ED and issued the NBWs against the accused persons in the case.

The ED filed the prosecution complaint in the case of Naresh Jain and others on October 28 under the provision of the PMLA in connection with its ongoing probe into his role in money laundering and international hawala transactions.

Officials in the agency said that so far, the investigation conducted under PMLA revealed that Jain along with his accomplices hatched a criminal conspiracy to forge and fabricate documents in order to cause loss to the government exchequer and banks by providing accommodation entries to the beneficiaries and indulging in illegal foreign exchange transactions.

“In furtherance to criminal conspiracy documents like identity proof, birth and education certificates, voter IDs, PAN cards and signatures were forged and fabricated to incorporate entities, operating bank accounts, facilitating bogus or over-invoiced or under-invoiced import and export transactions and rotation of the funds through a web of shell companies to cause undue benefit to the parties involved and loss to the government exchequer and bank,” said a senior ED official.

Jain is also accused to have also facilitated parking of funds abroad by Indian nationals through his international hawala transaction structure created in India and in various other jurisdictions, the ED officials said, adding that the total “proceeds of crime” generated by Jain and his accomplices in the form of commission on these hawala and domestic accommodation entry transactions detected till date is Rs 565 crore.