The Enforcement Directorate searched seven premises in Delhi and Kolkata as part of a money laundering investigation into alleged overseas fund transfers.
Investigators allege that ₹569.03 crore was transferred to companies in Singapore, Hong Kong and China using forged software-import invoices.
The probe, originating from a Visakhapatnam police FIR, names Vaddi Mahesh and examines alleged transactions linked to Bhimendra Kumar Goyal.
The ED estimates suspected proceeds of crime at approximately ₹1,500 crore and has seized cash, foreign currencies, documents and digital devices. The allegations remain subject to investigation and legal proceedings.
ED Searches Seven Premises in Delhi and Kolkata in Money Laundering Investigation
The Enforcement Directorate is probing the alleged foreign transfer of Rs 569.03 crore through shell companies and fake documents for software imports. The agency has estimated the suspected proceeds of crime to be around Rs 1,500 crore.
Searches were conducted at seven locations in Delhi and Kolkata by the ED’s money laundering probe into alleged illegal fund transfers abroad in the guise of payments for imports of custom-made software through forged documents.
The Directorate of Enforcement (ED) conducted searches under the Prevention of Money Laundering Act (PMLA), 2002. Investigators seized unaccounted cash, foreign currencies, property papers, digital devices and documents allegedly showing evidence of suspected financial transactions.
ED Money Laundering Investigation Traces Rs 569.03 Crore Transfers
The probe was launched after an FIR was registered at MVP Police Station in Visakhapatnam on a complaint by the Income Tax Department against Vaddi Mahesh and others.
Vaddi Mahesh, along with his father and an associate, is alleged to have floated a number of companies with registered offices in Kolkata and opened bank accounts in their names, the ED said.
These accounts were used to transfer Rs 569.03 crore to five companies in Singapore, Hong Kong and China allegedly for the purchase of customised software. But the agency found that fake invoices were created with the banks and no software was imported against the remittances.
Bhimendra Kumar Goyal's Alleged Role in Overseas Transactions
The probe also named Bhimendra Kumar Goyal, whom the ED said was a repeat offender and had been arrested three times under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act (COFEPOSA).
Goyal was said to have smuggled cosmetics, electronic goods and textile fabrics into India without paying customs duties. The agency also said he misused the Customs Transit Declaration Scheme for Nepal.
Investigators said Goyal had engaged intermediaries to contact Vaddi Mahesh for making payments to overseas suppliers and for laundering proceeds from the alleged sale of smuggled items.
The ED said Mahesh received money from different entities in the shell company accounts and transferred the same abroad on the instructions of Goyal between 2014 and 2017.
The money was allegedly routed through dormant or newly formed Singapore and Hong Kong companies under the control of nominee directors before being deposited into accounts associated with Goyal and family-related businesses.
Among them were M/s Swiss Fox Pte Ltd and M/s Bhav Technology China Ltd. The ED said the transactions were meant to show that the suspected proceeds of crime were legitimate funds.
Also Read: ₹47 Lakh Cash Seized as ED Raids 7 Locations in Delhi, Kolkata
Pawan Kumar Ralli and Singapore-Based Companies Under Scrutiny
Besides, the investigators had come to know about the alleged fictitious businesses operated by Goyal in connivance with Pawan Kumar Ralli. These included M/s Mehak Overseas, M/s Karan Overseas and M/s Geet Enterprises, which were allegedly registered in fictitious names and fake addresses in New Delhi.
It was alleged that part of the suspected proceeds were sent through M/s Village Handicraft Export to M/s Eagle Mount Trading Pte Ltd in Singapore, which was beneficially owned by Ashish Todi.
ED Seizures and Further Investigation
Officials also seized unaccounted cash and foreign currencies like US$ 5,900, 2,200 UAE dirhams and 5,600 Chinese yuan during the searches. They also seized property documents, financial records and digital devices.
The seized material contained evidence of alleged layering of proceeds of crime and transfers outside India through shell entities, the ED said.
The agency has made a tentative estimate of proceeds of crime at around Rs 1,500 crore. The full financial trail is being investigated, and the individuals and companies allegedly involved are being looked at.
