One more held in money laundering case

The case is related to outward remittance of foreign exchange to the tune of Rs 78 crore by eight current account holders by submitting forged bills of entry to the Indian Bank branch at Thousand Lights. 

All these accounts were opened after receiving application from Anbazhagan, bank officials told the ED team. ED on Friday said that Mohammed Farooz helped Mani to create forged papers, linked to the case and arrested him. ED investigators found that Rs 78 crore worth foreign exchange was remitted by eight shell entities upon production of forged bills without any physical imports. 

All the account holders’ addresses and Anbazhagan’s residence were searched by the ED in March this year. Officials had noted that the identity proof for the ‘know your customer’ (KYC) submitted to the bank was found to be fictitious. 

A total of Rs 97.5 crore was deposited in the bank through these companies, after which foreign exchange remittance to the extent of Rs 75.5 crore in US currency was fraudulently made based on forged import documents without making actual import. The ED had attached the balance amount of Rs 20 crore lying in the bank accounts.