ED arrests Chennai importer in money laundering case

The central probe agency also attached, under the Prevention of Money Laundering Act (PMLA), an amount of Rs 1.75 crore kept in the account of the importer, identified as K Liakath Ali. 

The Enforcement Directorate (ED) said Ali ran a firm called Ms Galaxy Impex. He has now been lodged in the central jail in Puzhal. The ED booked a case in this over Rs 18 crore alleged bank fraud case, perpetrated using shell companies, on the basis of a police FIR. It added that the importers remitted large amount of foreign exchange out of India and subsequently cheated an Indian Bank branch here.

“In this case, forged bills of entry were used in the guise of actual documents generated through electronic data interface of the Indian Customs. Using these forged documents outward foreign exchange remittance to the tune of $2,786,300 (Rs 18,66,54,241) were made from the bank accounts held in the names of shell entities without effecting any physical imports,” it said.