The Enforcement Directorate (ED) has arrested Kritika Dahal, director of the Hong Kong-based International Rising Ltd. HK which was allegedly involved in a money laundering racket run by a diamond trader. The agency suspects that the trader laundered over ₹1,478 crore on the pretext of exporting gold and diamonds.
The ED had initially registered a case against the diamond trader, Ritesh Jain, for allegedly opening bank accounts in the name of dummy companies for carrying out illegal transactions. Ms. Dahal had become the director of International Rising on Mr. Jain’s instructions, said the agency.
According to the Directorate, huge amounts were credited to these accounts from over 100 accounts of different shell companies.
More than ₹92 crore in old notes was also deposited. As many as 500 accounts were used to layer the funds for evading detection, it is alleged.
“The funds from all the shell companies and firms were finally transferred to the accounts of Rajeshwar Exports Pvt. Ltd., belonging to Mr. Jain. The money was further diverted for payments against the import of overvalued consignments. In all, 355 Bills of Entries were raised,” said an ED official.
There was an outward flow of 21.22 crore dollars, equivalent to ₹1,421 crore, from the accounts of Rajeshwar Exports within one year, said the Enforcement Directorate.
