The Enforcement Directorate (ED) has unearthed a major money laundering scam, in which Thane resident Jitendra Pandey allegedly transferred Rs 10,000 crore abroad. The accused used 269 bank accounts, 98 dummy companies, and 12 private firms to carry out this scam.
Scam method:
- Shell Companies and Bank Accounts:
- 98 dummy companies and 12 private firms were created.
- 269 bank accounts were opened in the name of these companies.
- Transfer of amount:
- Large sums of money were transferred from these accounts to the bank accounts of companies located in Hong Kong, Singapore, and Thailand.
- This transaction was shown in the name of freight and foreign trade.
- Use of money:
- Fake documents were used to send the illegally collected money abroad.
Investigation and raid:
- On 2 January 2025:
- ED raided 11 locations in Mumbai, Thane, and Varanasi.
- Rs 1 crore cash and jewelery recovered.
- Documents related to real estate were also found on a large scale.
- Thane police report:
- An FIR was lodged by the Economic Offenses Wing of Thane Police against Jitendra Pandey and his associates.
- On the basis of this FIR, ED started investigation.
Role of Chartered Accountants:
According to ED, chartered accountants played an important role in this entire scam.
- These professionals helped in creating shell companies and preparing fake documents.
- Money was transferred to bank accounts through fake documents.
What was recovered?
- Cash and Jewellery:
- Rs 1 crore cash.
- Precious jewellery.
- Document:
- Information related to real estate.
- Evidence of money laundering.
Current status of the case:
- ED investigation revealed that the money was transferred on the basis of fake claims of sending or ordering goods abroad.
- Till now it is not known to whom the transferred amount belongs.
- More shocking revelations may emerge under investigation.
Further action:
- Role of Jitendra Pandey and other associates:
- Intensive interrogation of the accused and his associates continues.
- Network of Shell Companies:
- Scrutiny of activities of companies and their bank accounts in detail.
- Role of foreign companies:
- Investigation started into the companies to which the money was transferred in Hong Kong, Singapore and Thailand.
Strictness of ED:
This case is not only a big example of money laundering, but it also shows that money is being sent out of the country illegally through fake companies and bank accounts. ED has intensified action in this case and there may be more big revelations in the coming days.
