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The Directorate for enforcement (ED) arrested a person allegedly involved in creating a complex network of entities used to rout the funds for 696.69 Crore to Hong Kong and Singapore on various pretexts.
The accused on behalf of AMIT Aggarwal was arrested as part of the Money Washing Act on August 30, 2025. Ed took steps based on the first information report (FIR) registered by Economic Criminal offenses against Kinzal Freight Forwarding (OPC) Private Limited and others.
It is said that the company and others have reminted huge funds in overseas by misuse of the Vikash Mohpal login data in some counterfeit forms.
“In this case, the total amount of 696.69 GBP Crore was moved from India to Hong Kong and Singapore in the clothing of goods and services and shipping fees.
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The agency found that multiple entities were created to transfer funds from India to make fraudulent account transactions. The directors, owners and partners of these entities also used documents about counterfeit identity. Subsequently, bank accounts were also opened on behalf of these entities using the same counterfeit identity.
“For external transfers, these entities have arranged credit records on their relevant bank accounts instead of and with the help of counterfeit respiratory laws, invoices and false form 15 CB.
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Ed claimed that Mr. Aggarwal was one of the main persons involved in creating a complex network of entities using false identity and opening the relevant bank accounts. “Later he arranged credit records in the bank accounts of these entities from several other entities instead of cash,” she said, adding that he was sent to Ed Cantody for seven days.
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Published – 31 August 2025 11:55
