The Enforcement Directorate seized Rs 2.54 crore in cash, part of which was inside a washing machine, during searches in multiple cities in connection with a forex violation case.

In a statement released on Tuesday, the probe agency said it conducted searches on the premises of Capricornian Shipping & Logistics Pvt Ltd and its directors Vijay Kumar Shukla and Sanjay Goswami, along with its associated entities.

The searches were conducted on various locations across Delhi, Hyderabad, Mumbai, Kurukshetra and Kolkata.

The associated entities are 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.

According to the Enforcement Directorate, these entities made suspicious outward remittances amounting to Rs 1,800 crore to two Singapore-based companies — M/s Galaxy Shipping & Logistics Pvt Ltd and M/s Horizon Shipping & Logistics Pvt Ltd.

The Enforcement Directorate found that these remittances were made in the garb of bogus freight services, imports and layering them through a web of complex transactions with the help of shell entities.

During the searches, the probe agency seized cash amounting to Rs 2.54 crore, part of which was hidden in a washing machine.

Further, various incriminating documents and digital devices were found and seized during the searches.

Forty-seven bank accounts of the entities involved were frozen as well, the probe agency said.

Published By:

Rishabh Sharma

Published On:

Mar 26, 2024

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