ED Exposed ₹10,000 Crore Remittance Scam Involving Fake Firms and Shell Companies
Image Source: First India
New Delhi: The Directorate of Enforcement (ED) has uncovered a massive ₹10,000 crore remittance scam involving a complex network of 98 fake partnership firms and 12 private limited companies. The money was allegedly sent to companies in Hong Kong, Singapore, and Thailand under the guise of freight charges.
According to officials, the accused operated through 269 bank accounts opened in the names of shell companies, indicating a highly sophisticated financial fraud. The discovery follows search operations conducted on January 2 by the ED’s Mumbai zonal office under the Prevention of Money Laundering Act (PMLA), 2002, at 11 locations across Mumbai, Thane, and Varanasi.
During the investigation, ED seized movable assets, including cash and jewellery worth ₹1 crore, along with incriminating documents related to property transactions and digital devices.
The investigation was triggered by a FIR registered by the Thane Police against Jitendra Pandey and others for allegedly sending money worth over Rs 10,000 crore to international companies under the pretence of freight charges. The Thane Police’s Economic Offences Wing (EOW) had earlier arrested Pandey and his associates.
“The accused established 98 fake partnership firms and 12 private limited companies, opening approximately 269 bank accounts to carry out these illicit financial transactions,” the ED stated.
The ED’s investigation revealed that RTGS (Real-Time Gross Settlement) entry operators were engaged to transfer this money through layers of bank accounts linked to the shell companies, effectively concealing the origin of the money. Eventually, this amount was diverted to the bank accounts of private companies dealing in the freight and logistics sector and then sent abroad as freight charges.
The ED has also mentioned the involvement of several chartered accountants in the fraud. These professionals allegedly assisted the accused in incorporating companies, managing regulatory compliances, and filing documents such as Form 15CA required for foreign remittances.
The ED is continuing its investigation into the financial trail and the roles of other potential collaborators in the operation.
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