Mumbai: The Enforcement Directorate (ED) in Mumbai yesterday arrested the owner of Rajeshwar Exports, Kritika Dahal, for money laundering using her company in Hong Kong. She has been granted ED custody till February 28.
During the course of investigation under PMLA, it was revealed that the bank accounts were used for illegal transactions of huge amounts.
More than 100 accounts of different shell companies were sourced for depositing huge cash of more than Rs 92 crore in old demonetised currency. The agency noticed that layering of these funds has been done through more than 500 accounts.
Ultimately, the funds from all companies and firms were credited through RTGS to Rajeshwar Exports, which was utilised for outward remittance to Hong Kong in guise of payment of import of overvalued consignments of total 355 Bills of Entries.
“It was found that total outward remittance of USD 21.22 crore (approximately Rs 1421 crore) were undertaken from the account of Rajeshwar Exports within a period of one year. Out of this, more than Rs 92 crores was deposited in various accounts in cash after demonetisation which was then transferred to the accounts of Rajeshwar Exports and subsequently utilized by Rajeshwar Exports for outward remittance”, the official said.
During investigation, it was revealed that an amount of Rs 1478 crore is yet to be received by Rajeshwar Exports against export made from the company.
The official said, “Out of this, only one company i.e. International Rising Limited has received USD 14.79 (approx. Rs 990 crore) crore for supply of 220 consignments of diamonds/gold, which appears to have been highly overvalued more than 10 times.”
Incidentally, International Rising Limited HK was controlled by an Indian resident, Kritika Dahal who has 99.99 per cent shares of this company.
Kritika Dahal was intercepted at the airport and was summoned under section 50 of the PMLA to appear before this Directorate on February 25.
“Kritika admitted that she became director of International Rising Limited on instructions of one Ritesh Jain. Further, she also admitted knowledge of the overvaluation of the diamonds/goods which were being exported by International Rising Limited to Rajeshwar Exports.”
She also deposed that there were no other employee in the International Rising and that it had received remittances and had supplied diamond jewellery to only one company that is Rajeshwar Exports.
“Thus, the company in Hong Kong was established for the sole purpose of money laundering and had no other activity”, the official added.