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Naresh Jain & others face ED's investigation in ₹565 crores transactions

By IndianMandarins- 02 Mar 2021
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New Delhi (02.03.21): Properties worth ₹ 65.75 crores of Bimal Kumar Jain, Ms. Sunita Jain, Vijay Agrawal, and the companies owned /controlled by Naresh Jain have been provisionally attached following the ED initiating actions under the Prevention of Money Laundering Act, 2002 (PMLA) in Naresh Jain and Others case.
These properties consist of both movable & immovable assets such as residential properties, project lands, industrial plots and are located in Delhi, Rajasthan, and Madhya Pradesh.  
The ED's investigation was initiated on the basis of an FIR registered by the Economic Offences Wing of Delhi Police.
In a statement, the ED said the accused resorted to fake documentation with regard to identity proof, birth and education certificate, voter ID, PAN Card and signatures to incorporate hundreds of shell companies/shell entities in India and in other foreign jurisdictions.
These shell companies/shell entities, the statement said, were used to open and operate bank accounts for facilitating bogus / over-invoiced / under-invoiced import and export transactions, providing desired accommodation entries to known and unknown beneficiaries by rotating /layering of funds through a web of these shell entities in order to cause undue benefit to the parties involved and loss to the exchequer and banks in lieu of commission.
The ED's investigation is claimed to have established that the accused and his accomplices generated Rs. 565 Crore as commission through their shell entities incorporated in India and other countries.
It said the proceeds of the crime were layered through a complex web of shell entities multiple times to avoid detection and hide the real source. Further, the proceeds of the crime were placed in the financial system to make it appear as if it is from a legitimate source in the form of loans and advances, and share capital in the companies. These loans/investments/share capitals have been projected as if such share capital or loan or advances were received from a legitimate source in the books of their companies. These proceeds were then used to acquire various assets (both movable and immovable).
Hence, the ED said, assets amounting to ₹ 65.75 crores held in the name of  Bimal Kumar Jain, Ms. Sunita Jain, Jayna Infrastructure Limited, Graphic Buildcon Pvt. Ltd., Arrow Buildtech Pvt. Ltd., Season Buildwell Pvt. Ltd., Konark Craft Pvt. Ltd. and others have been provisionally attached.

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