Daijiworld Media Network - New Delhi

New Delhi, Aug 31: The Enforcement Directorate (ED) has arrested Amit Aggarwal in connection with a major money laundering racket involving illegal outward remittances of Rs 696 crore from India to Hong Kong and Singapore. The funds were allegedly transferred under the false pretense of paying for imports and freight charges, using fake documents and the stolen credentials of a Chartered Accountant.

Aggarwal was taken into custody on August 30 and is believed to be one of the primary orchestrators behind a sophisticated network of shell companies created with forged identities. These entities were used to open multiple bank accounts and move large sums of money under the guise of legitimate business transactions.

The ED revealed that the accused not only arranged fake credit entries for these shell firms in exchange for cash but also facilitated the outward remittances by fabricating supporting documents, such as invoices, airway bills, and Form 15CB – a crucial certificate issued by Chartered Accountants for payments made to foreign entities.

The fraud was uncovered following an FIR registered by the Economic Offences Wing (EOW) of Delhi Police, which had initially booked the case under IPC sections for cheating, forgery, and criminal conspiracy. Upon deeper scrutiny, the ED initiated its probe, suspecting violations under the Prevention of Money Laundering Act (PMLA).

The agency noted that Chartered Accountant Vikash Mohpal’s credentials were misused in the process, with his identity being forged to generate false documents authorizing the transfers. Most of the remitted funds had no corresponding delivery of goods or services, leading to significant foreign exchange loss to the Indian economy.

A Special PMLA Court has remanded Aggarwal to ED custody for seven days as investigations continue into the web of fake entities and suspected beneficiaries both in India and abroad.