New Delhi: Economic Offences Wing (EOW) on Wednesday said that it has arrested International Hawala operator Naresh Jain in connection with incorporating and operating several shell entities. Jain has been sent to
A complaint was filed against Narendra Jain and his accomplices in 2018 for the offences of cheating, forgery and criminal conspiracy on the instructions of Joint Commissioner of Police OP Mishra. Mishra said that based on the complaint, Enforcement Directorate has also started its investigations.
"Narendra Jain and his associates are carrying out illegal activities such as money laundering, Hawala transactions and also violated the provisions of the Foreign Exchange Management Act (FEMA). The accused has forged documents to set up fake companies, opening and operating bank accounts. The syndicate has been operating offshore bank accounts opened in the name of shell companies in countries like Hong Kong, Singapore and Dubai etc," the complaint read.
Investigations have revealed that hundreds of trading and tour-travel companies were created by incorporated in the names of accused's aides recruited by him. Associates of Naresh Jain were kept as owners and directors of the company and carried out circular trading, accommodation entries to show bogus turnovers and Hawala transactions in the name of export and import.
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Several offices of the companies were opened in Vikaspuri, Pitampura, Janakpuri, Rohini and several other places and bogus entries were made from there.
According to EOW, Jain has an international criminal profile and he was arrested in 2017 from Dubai for illegal Hawala activities. After getting bail, he fled from Dubai and reached India.
He was arrested by the Narcotics Control Bureau in May 2009 and the provisions of COFEPOSA were invoked against him. Thereafter, he was arrested by Enforcement Directorate in PMLA case.
Jain is also under the scanner of Serious Organised Crime Agency (SOCA), Britain, for his money laundering activities. Two Red Corner Notices have also been issued against Naresh Jain by INTERPOL on the request of NCB-Rome and Dubai authorities.
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