Thane: ED Uncovers Network Involving CAs and Hawala Operators Laundering Rs 10,000 Crore
Thane, 11th January 2025: The Enforcement Directorate (ED) has uncovered a network involving chartered accountants (CAs) and hawala operators responsible for transferring over Rs 10,000 crore of illicit funds abroad in recent years. A search conducted on January 2 in Thane, Mumbai, and Varanasi led to the discovery of digital and other documents outlining the accused’s methods.
According to the ED, the main suspect, Jitendra Pandey, established over 98 shell companies and 269 bank accounts to launder illegal funds to destinations including Singapore, Hong Kong, and Thailand. The investigation revealed that a group of RTGS entry operators facilitated the movement of money into the accounts of partnership firms. These funds were further layered through multiple bank accounts of shell companies to obscure their origin.
After multiple circular transactions, the money was finally transferred to the accounts of 12 private limited companies, ultimately being sent abroad under the guise of payments for imports from China. The shell companies were listed as operating in the “freight and logistics” sector, funnelling large amounts of money overseas disguised as freight charges.
The investigation also highlighted the involvement of several CAs who assisted in incorporating the companies and handling regulatory tasks, such as filing with the Registrar of Companies (ROC). Pandey and other suspects were arrested by the Economic Offenses Wing (EOW) of Thane police last year. The investigation is ongoing.
