Both these overseas entities were managed by one Anthony De Silva, the release said.
Published Date – 26 March 2024, 09:15 PM
Hyderabad: The Enforcement Directorate stumbled upon Rs.2.54 crore hidden in one of the most unlikely places, inside a washing machine, during searches it conducted under the provisions of Foreign Exchange Management Act across Hyderabad, Delhi, Mumbai, Kurukshetra and Kolkata.
According to an ED press release, the searches were conducted on the premises of Capricornian Shipping & Logistics Pvt Ltd and its directors Vijay Kumar Shukla and Sanjay Goswami and associated entities Laxmiton Maritime, Hindustan International, Rajnandini Metals Limited, Stawart Alloys India Pvt Ltd; Bhagyanagar Limited, Vinayak Steels Limited, Vashishta Constructions Pvt Ltd; and their directors or partners Sandeep Garg, Vinod Kedia and others.
The premier investigation agency initiated the probe on the basis of information, which it said had revealed that these entities were involved in sending foreign exchange outside India on large scale and had made suspicious outward remittances amounting to Rs.1800 crore to Galaxy Shipping & Logistics Pte Ltd., Singapore and Horizon Shipping & Logistics Pte Ltd Singapore.
Both these overseas entities were managed by one Anthony De Silva, the release said.
It was found during the search that Capricornian Shipping & Logistics Pvt Ltd and Laxmiton Maritime along with its associates made outward remittance to the tune of Rs.1800 crore to the Singapore-based entities in the garb of bogus freight services, imports and “layering them through a web of complex transactions” with the help of shell entities like Neha Metals, Amit Steel Traders, Triple M Metal and Alloys, HMS Metals etc.
“During the course of search, unexplained cash amounting to Rs.2.54 crore, part of which was hidden in a washing machine, was found and seized. Further, various incriminating documents, digital devices have been found and seized during the search proceedings.
47 bank accounts of the entities involved have been frozen as well,” the ED release said, adding that further investigation was under progress. EOM
