New Delhi. The Enforcement Directorate (ED) has arrested an individual named Narendra Kumar Gupta in an alleged cash laundering case. In line with the ED, the particular courtroom listening to instances filed beneath the Prevention of Cash Laundering Act despatched the accused to judicial custody for 15 days.
The ED on Saturday tweeted that the company has arrested Narendra Kumar Gupta on costs of sending cash out of India in a cash laundering case. This case is of Rs 425 crore. He has been despatched to 15-day judicial custody by a particular courtroom beneath the Prevention of Cash Laundering Act.
In line with the ED, this case is expounded to sending unlawful earnings overseas by 19 faux corporations. That is the fourth arrest on this case. The case was registered by the ED on the criticism of Punjab Nationwide Financial institution which acknowledged that accounts of 19 entities had been opened within the Mint Road department of the financial institution in Chennai.
These items had been shell corporations which didn’t truly do any enterprise and their enterprise was empty paperwork. Investigations by the company have revealed that an quantity of Rs 425 crore was despatched by these corporations to varied items in Hong Kong and UAE over a interval of six months.
The ED investigation revealed that Narendra Gupta has a unit in Hong Kong of which he’s additionally a director. This unit was utilized by him for cash laundering of Rs 22.6 crore.
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