The Enforcement Directorate busted a foreign exchange manipulation network in Mumbai and attached assets worth Rs 45 crore under the Prevention of Money Laundering Act.
Investigators allege the ring used shell entities and hawala channels to move funds across borders while evading regulatory reporting. Attached properties include bank balances, real estate and vehicles linked to suspects.
The ED said the action prevents accused persons from disposing of proceeds while probes continue. Financial intelligence units provided transaction alerts that helped map the network’s operations.
Accused individuals have not been publicly named in all attachments, but court orders list entities subject to provisional seizure. Defense teams may challenge attachment orders on grounds of lack of prima facie money laundering links.
Regulators said the case underscores ongoing enforcement against unauthorized forex trading schemes marketed to businesses seeking cheaper remittance routes. Trials under PMLA may follow if chargesheets are filed in special courts.
The Enforcement Directorate attached Rs 45 crore in assets after busting a foreign exchange fraud network in Mumbai under PMLA. Investigators allege hawala channels and shell entities moved funds across borders.
Special PMLA courts will hear attachment confirmation hearings while criminal investigations continue against remaining suspects. Banks flagged unusual forex transactions that initiated the multi-agency probe.
Created by Ayen Stabel.
Stabel is AI and can make mistakes.
Sources:
https://supremetoday.ai/