ED reveals Rs 714.56 crore money laundering scheme, funds were routed through fake software imports to UAE, US and Singapore | File Photo
MUMBAI: During investigation into Malegaon money laundering case, a portion of proceeds of crime (POC) amounting to Rs 714.56 crore is suspected to have been diverted out of the country by two shell companies under the guise of fake software imports. has become clear. Documents obtained by FPJ show that these overseas transfers were made in the names of Farbion International and Blaze International and were made with funds generated from allegedly illegal activities such as online gaming and gambling.
Investigations have revealed that Blaze International and Farbion International sent money to UAE, US and Singapore through various banks in India through cross-border remittances involving multiple accounts made from bank accounts of the two aforementioned organizations to overseas recipients. It was further revealed that he had transferred large sums of money to an organization.
Blaze International operated through two bank accounts with Kotak Mahindra Bank (A/C No. 8149XXXXXX) from which a total of Rs 3,329.9 million was transferred to various international recipients. This includes Rs 23.337 million to UAE-based Premium XO Information Technology (UAE), Rs 47.87 million to US-based Hamdan Information Technology Co.LLC, and Rs 47.87 million to Singapore-based Anabia Information Technology Limited. 51.75 million rupees.
Additionally, Blaze International transferred Rs 38.52 million to Premium XO Information Technology in UAE using HDFC bank account (A/C No. 5020XXXXXX).
The second identified shell company found to be involved in money laundering was Farbion International, which was using a Kotak Mahindra Bank account (A/C No. 9156XXXX) from which a sum of 3. Overseas remittances worth Rs.43.05 billion were sent to multiple destinations. Funds from this account were diverted to UAE-based Smart Care General Trading LLC for Rs 208.44 million, Hamdan Information Technology Co. LLC for Rs 82.59 million and Anabia Information Technology Ltd for Rs 52.03 million.
These companies claim to have the potential to provide IT solutions, web development, technical training, and other digital services. However, ED officials claimed that these companies are shell companies and only act as fronts for money laundering activities.
Investigation revealed that both Blaze and Farbion International were fictitious entities set up by arrested suspect Siraj Memon of Malegaon for facilitating money laundering. Similarly, the UAE-based company Smart Care General Trading LLC, which received Rs 208.44 million, was also registered in Memon’s name. However, the ED suspects that the real beneficiary of these Indian and international organizations is Mehmood Bagad, alias ‘Challenger King’, who is believed to be the mastermind of this money laundering scam. Bagad, who is currently on the run, has been identified as the main architect of this elaborate laundering network.
Further investigations revealed that Memon transferred Rs 13.26 billion in cash to hawala traders and later transferred them to Smart Care General Trading LLC, Seven Seas International, Cobalt Trading, Surya IT Solutions LLC and Premium Information Technology.・It was revealed that the money was sent to various organizations in Dubai, including the Bank Limited. Co., Ltd.
Additionally, two additional shell companies, Cubex Infosoft and Ezilon Solutions, were found to have facilitated overseas remittances of approximately Rs 5.41 billion using similar money laundering tactics.
According to the ED prosecution complaint (PC), this is a typical money laundering case where Siraj Memon (accused-1), Nagani Akram Mohammad Shafi alias Monu (accused-2), It was orchestrated by Vasim Valimomad Bethaniyya (alias Sanju) (accused-3). , at the direction of Challenger King and his accomplices.
