22 June,2011 07:31 AM IST | | Mohit Sharma
Money confiscated from hawala dealer's office
It's raining money like never before. After cash worth Rs 11.5 cores was recovered from Sai Baba's private room, the Enforcement Directorate confiscated Rs 9.3 crores on Tuesday after conducting searches in the office of an alleged hawala dealer in Connaught Place's Inner circle. This is being touted as the highest amount confiscated by the elite agency so far.
Big haul: The Enforcement Directorate confiscated Rs 9.3 crores on
Tuesday after conducting searches in the office of an alleged hawala
dealer in Connaught Place's Inner Circle. pic/Mid Day
ED officials said that apart from cash, some incriminating documents, laptops, computers and mobile phones were also seized. "Modus operandi was to collect cash from various parties in India, generating invoices from diamond sale in the office against cash collected and transfer of the same by misusing banking channels," ED sources said.
Sources also said that this year cash collection for hawala was more than Rs 1,000 crores already compared to last year's Rs 1,800 crores. "Hawala racket was being run on a large scale under the garb of sale of imported diamonds. Two foreign bank accounts, one in UK and the other in Dubai and certain foreign companies have also played a role in transfer of funds," the ED sources said.
The agency has also registered a case of financial irregularities against the dealer Pankaj Kapoor, under the Foreign Exchange Management Act (FEMA), after it conducted searches in his office, ED sources said.
There were about 2,200 lockers in which the cash was kept inside the premises, the sources said. "We are amazed to see the level of hawala racket he was running from a place like CP. We are working on the case and will interrogate Kapoor," the ED sleuths said.
The searches and seizure have been done after some reports of alleged Forex violations were reported to the ED and further investigations regarding the dealer's operations are on, the sources said.u00a0A team of ED officials late on Tuesday swooped on the premises of the trader and also seized documents and payment receipts.
It's raining money like never before. After cash worth Rs 11.5 cores was recovered from Sai Baba's private room, the Enforcement Directorate confiscated Rs 9.3 crores on Tuesday after conducting searches in the office of an alleged hawala dealer in Connaught Place's Inner circle. This is being touted as the highest amount confiscated by the elite agency so far. ED officials said that apart from cash, some incriminating documents, laptops, computers and mobile phones were also seized. "Modus operandi was to collect cash from various parties in India, generating invoices from diamond sale in the office against cash collected and transfer of the same by misusing banking channels," ED sources said.
Sources also said that this year cash collection for hawala was more than Rs 1,000 crores already compared to last year's Rs 1,800 crores. "Hawala racket was being run on a large scale under the garb of sale of imported diamonds. Two foreign bank accounts, one in UK and the other in Dubai and certain foreign companies have also played a role in transfer of funds," the ED sources said.
The agency has also registered a case of financial irregularities against the dealer Pankaj Kapoor, under the Foreign Exchange Management Act (FEMA), after it conducted searches in his office, ED sources said.
There were about 2,200 lockers in which the cash was kept inside the premises, the sources said. "We are amazed to see the level of hawala racket he was running from a place like CP. We are working on the case and will interrogate Kapoor," the ED sleuths said.
The searches and seizure have been done after some reports of alleged Forex violations were reported to the ED and further investigations regarding the dealer's operations are on, the sources said.u00a0A team of ED officials late on Tuesday swooped on the premises of the trader and also seized documents and payment receipts.
Lalli in the dock
In yet another step showcasing involvement of government officials in corruption, the Enforcement Directorate has now lodged a case under Prevention of Money Laundering Act (PMLA) against the suspended Prasar Bharti CEO, BS Lalli.u00a0The Enforcement Directorate has registered the case in connection with the awarding of Rs 246-crore broadcast rights contract for Commonwealth Games. "We have found some discrepancies in the transaction and violations in the deal after it was scrutinised by our investigating officers and therefore we have lodged a case under PMLA on Tuesday," a senior ED official said.u00a0u00a0 In March, the CBI had registered a case of fraud and criminal conspiracy against suspended Prasar Bharti CEO B S Lalli for alleged irregularities in broadcasting rights contract of Commonwealth Games which resulted in a loss of Rs 100 crore to exchequer.
