New Delhi: The Enforcement Directorate (ED) found unaccounted cash amounting to Rs 2.54 crore during searches in logistics company Capricornian Shipping on Tuesday.
A photo shared by the ED on its official handle in X showed bundles of currency notes concealed in a washing machine.
According to a press release of ED, the searches were carried out in Capricornian Shipping & Logistics Pvt Ltd and its directors Vijay Kumar Shukla and Sanjay Goswami under the Foreign Exchange Management Act (FEMA), 1999.
The raids also covered associated entities of Capricornian Shipping including Laxmiton Maritime, Hindustan International, Rajnandini Metals Limited, Stewart Alloys India Pvt Ltd, Bhagyanagar Ltd, Vinayak Steels Limited, Vashishta Constructions Pvt Ltd and their directors/partners Sandeep Garg, Vinod Kedia, and others in Delhi, Hyderabad, Mumbai, Kurukshetra and Kolkata.
During a probe based on credible information about transfer of substantial amount of foreign exchange out of India, the agency found that remittances totaling Rs 1,800 crore were sent to Galaxy Shipping & Logistics Pvt Ltd, Singapore, and Horizon Shipping & Logistics Pte Ltd, Singapore. These foreign entities are managed by an individual named Anthony De Silva, the release stated.
These remittances were disguised as payments for fake freight services and imports. The transactions were concealed through complex dealings involving shell companies like Neha Metals, Amit Steel Traders, Triple M Metal and Alloys, HMS Metals, and others.
During the searches, the ED officials found various incriminating documents, digital devices and unaccounted cash amounting to Rs 2.54 crore. The Central agency has also frozen 47 bank accounts as part of the investigation.
