New Delhi [India], November 3 (ANI): The Directorate of Enforcement (ED) filed a prosecution complaint in the case of Naresh Jain on October 28 under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA) in connection with the ongoing investigation into his role in money laundering and international Hawala transactions.
The Special Court (PMLA), Rohini West, Rohini, New Delhi took cognisance of the prosecution complaint vide its order dated November 2, 2020, and issued a non-bailable warrant against the four co-accused who were absconding.
The investigation conducted so far under PMLA has revealed that Naresh Jain along with his accomplices hatched a criminal conspiracy to forge/fabricate documents in order to cause loss to the government exchequer and banks by providing accommodation entries to the beneficiaries and indulging in illegal foreign exchange transactions.
In furtherance to criminal conspiracy documents like identity proof, birth and education certificates, voter IDs, PAN cards and signatures were forged/fabricated to incorporate entities, operating bank accounts, facilitating bogus/over-invoiced/under-invoiced import and export transactions and rotation of the funds through a web of shell companies to cause undue benefit to the parties involved and loss to the government exchequer and bank. Naresh Jain also facilitated parking of funds abroad by Indian nationals through his international Hawala transaction structure created in India and in various other jurisdictions.
The total proceeds of crime generated by Naresh Jain and his accomplices in the form of commission on these Hawala and domestic accommodation entry transactions detected till date is Rs 565 Crore.
Further investigation is under progress. (ANI)