New Delhi: The Directorate of Enforcement (ED) has filed the prosecution complaint in the case of Naresh Jain on October 28, 2020, under the provision of the Prevention of Money Laundering Act, 2002 (PMLA) in connection with an ongoing investigation into his role in money laundering and international hawala transactions. The Special Court (PMLA) in New Delhi took cognizance of the prosecution complaint and issued non-bailable Warrant against the 4 co-accused who were absconding.
The investigation conducted so far under PMLA has revealed that Naresh 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 or 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.
Naresh Jain also facilitated parking of funds abroad by Indian nationals through his international hawala transaction structure created in India and in various other jurisdictions.
The total proceeds of crime generated by Naresh Jain and his accomplices in the form of commission on these hawala and domestic accommodation entry transaction detected till date is Rs 565 crore.
Further investigations under progress.
