The Enforcement Directorate (ED) has confiscated ₹ 2.54 crore in “unexplained” cash during raids in multiple cities, including a portion concealed within a washing machine, as part of an investigation into suspected breaches of foreign exchange regulations.
The searches targeted the premises of several companies and their directors, including Capricornian Shipping and Logistics Pvt Ltd, Laxmiton Maritime, Hindustan International, Rajnandini Metals Limited, Stawart Alloys India Pvt Ltd, Bhagyanagar Limited, Vinayak Steels Limited, and Vashishta Constructions Pvt Ltd. The individuals under scrutiny include Vijay Kumar Shukla, Sanjay Goswami, Sandeep Garg, Vinod Kedia, among others.
These operations were conducted at various sites in Delhi, Hyderabad, Mumbai, Kolkata, and Kurukshetra in Haryana over recent days, although the exact location where the cash hidden in the washing machine was discovered was not disclosed by the ED.
The ED took action based on “credible information” indicating that these entities were engaged in large-scale outward remittances of foreign exchange from India. They facilitated “suspicious” outward remittances totaling ₹ 1,800 crore to Singapore-based companies Galaxy Shipping and Logistics and Horizon Shipping and Logistics, both managed by Anthony De Silva. Capricornian Shipping and Logistics, Laxmiton Maritime, and associated entities sent ₹ 1,800 crore to these Singapore-based firms under the pretext of fictitious freight services and imports.
These transactions were executed through intricate maneuvers involving shell entities like Neha Metals, Amit Steel Traders, Triple M Metal and Alloys, and HMS Metals.
During the searches, unexplained cash amounting to ₹ 2.54 crore, including a portion hidden in a washing machine, was seized. Additionally, various “incriminating” documents and digital devices were confiscated. The ED has also frozen a total of 47 bank accounts linked to the entities involved.