Under investigation for money laundering, meat exporter Moin Qureshi had hidden his business interests in three overseas companies from Indian authorities. He had also denied having any overseas bank accounts in his name and that of his family members, the Enforcement Directorate has said.
In the charge sheet against Qureshi, the ED has identified the three companies as Barro Holdings in the Seychelles, Bulova Holdings in British Virgin Island and Noyce Consultancy in Belize. Their bank accounts were opened in Singapore and Hong Kong.
The ED probe into the affairs of Barro Holdings revealed that Qureshi allegedly had complete control over the company and his ownership of Bulova Holdings was also established.
Holdings liquidated in 2014
“However, in November-December 2014, Qureshi liquidated all the accounts in the name of Bulova Holdings and Barro Holdings. The proceeds were transferred to Bulova’s account in Lugano (Switzerland) for the settlement of a property mortgaged for £2.1 million in January 2015,” said an official.
These alleged transactions took place after the Income-Tax Department searches against Qureshi and his AMQ Group of companies in February 2014.
It has been alleged that Qureshi also redeemed the insurance policies held in the name of Bulova ($3.9 million) and Barro Holdings ($3.4 million) in Hong Kong. In February 2015, after offsetting the loans pertaining to the insurance company, about $2.9 million dollars were remitted to Bulova’s Logano account from its Hong Kong account.
The remaining balance of £51,000 with the Lugano bank account was remitted to a real-estate agent, London Wall Private Office the following month, the charge sheet said. All Hong Kong-based accounts of the two companies were closed between January-March 2015. As for Noyce Consultancy, its account is with a Singapore-based bank.
ED scrutiny of previous transactions revealed that between July 2011 and April 2013, $9.3 million were credited to an account of Barro Holdings by various trade associates of Qureshi in China. Another account of the same company received $4.3 million between October 2012 and January 2014.
A sizeable chunk of the over $13.6 million (equivalent to ₹91.45 crore) from the bank accounts of Barro Holding —transferred to the Singapore account of Bulova Holding —were allegedly used to buy a London property. The money involved in the asset acquisition in London was not in “tandem” with the account books of AMQ Group of companies.
The Directorate alleges that Qureshi’s wife also had an account with JP Morgen Chase in the United States’ Ohio, with a New York address. In all, 34 cash deposits were made in multiple States of the U.S. between April 2010 and October 2011 in the account, totalling $1,67,458, according to the ED. The funds were largely used allegedly for personal expenses.
“Ms. Qureshi had denied owning any foreign bank account in her statement under the Prevention of Money Laundering Act,” said the official.
The agency has also listed 45 accounts in the name of a world famous architect, various hotels, outlets of international repute, companies and individuals, in the United States, the United Kingdom, France, Hong Kong, Italy, Singapore, the United Arab Emirates and Ireland, into which the “proceeds of crime” were allegedly transferred.
