The Enforcement Directorate (ED) on Wednesday said it has arrested two persons in connection with a money laundering case in which around Rs. 425 crore was fraudulently remitted outside India using 19 dummy Indian entities.
A senior ED official said that the accused were identified as Vikas Kalra and Sidhant Gupta. They were placed under arrest on June 13.
The ED initiated a money laundering investigation on the basis of an FIR registered by Punjab National Bank against 19 entities which opened accounts with their Mint Street, Chennai branch and in a span of six months remitted Rs. 425 crore to various entities in Hong Kong and UAE.
“On verification, the Indian entities were found to be non-existent and the real beneficiaries were found to be the promoter directors of entities outside India who are being brought to book. In this regard, one Vikas Kalra had incorporated three entities in Hong Kong of which he was the sole director and had used the same for the purpose of laundering Rs. 18.95 crore. On similar lines, Sidhant Gupta had incorporated an entity in Hong Kong using which Rs. 2.5 crore was laundered,” said the ED official.
Both the accused were produced before a special PMLA court. The ED official told the court that they were not required for further interrogation and requested the court to send them to judicial custody.
After hearing the contention of both the sides, the court sent the two accused to judicial custody for 15 days.
Further investigation in the matter is on.