Cash in Washing Machine: ED seizes Rs 2.54 crore unaccounted money in raids on logistics company
The Enforcement Directorate conducted a series of searches at a logistics company and found unaccounted cash worth Rs 2.54 crore, some of which was hidden in a washing machine.
Published : March 26, 2024 at 7:56 PM IST
|Updated : March 26, 2024 at 9:32 PM IST
New Delhi: The Enforcement Directorate Tuesday said it conducted a series of searches at a logistics company and found unaccounted cash worth Rs 2.54 crore, some of which was hidden in a washing machine.
A photo shared by the Enforcement Directorate on its official X handle showed bundles of cash stuffed into a washing machine. The agency in a statement said the premises of companies like Capricornian Shipping and 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/partners Sandeep Garg, Vinod Kedia and others were searched.
The central agency did not say when these searches were executed at various locations in Delhi, Hyderabad, Mumbai, Kolkata, and Kurukshetra in Haryana. It also did not mention from where the cash kept in the washing machine was recovered.
The action was undertaken on the basis of "credible information" that the entities were involved in sending foreign exchange outside India "on a large- scale" and made "suspicious" outward remittances amounting to Rs 1,800 crore to Galaxy Shipping and Logistics Pte Ltd. and Horizon Shipping and Logistics Pte Ltd, Singapore. Both these overseas entities are managed by a person named Anthony De Silva, it said.
Capricornian Shipping and Logistics Pvt Ltd, Laxmiton Maritime along with its associates made outward remittance to the tune of Rs 1,800 crore to the Singapore-based entities in the garb of bogus freight services, imports and layering them through web of complex transactions with the help of shell entities like Neha Metals, Amit Steel Traders, Triple M Metal and Alloys and HMS Metals.
During the course of the search, unexplained cash amounting to Rs 2.54 crore, part of which was hidden in a washing machine, was found and all of this amount has been seized apart from various "incriminating" documents and digital devices. A total of 47 bank accounts have been frozen as well, the ED said.
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