ED Registered Case On Seabe International: The Enforcement Directorate has arrested Deepak Nayar, partner of M/s Seabay International under the Money Laundering Act, for defrauding banks to the tune of Rs 1146 crore on the basis of forged documents. After his arrest, he was produced before a special ED court from where he has been sent to ED custody till May 20 for questioning.
A top ED official said that this case pertains to fraud of Rs 1146 crore by making forged airway bills through some bank branches of State Bank of India and State Bank of Mauritius in Mumbai. In this case, it is alleged that under the guise of freight forwarding services, this company and Deepak Nayyar created fake invoices in the guise of importing reputed companies and cloud CCTV storage rental services.
What are the allegations?
Through these channels, 1146 crore rupees were sent to Hong Kong by making forged airway bills. In this case, during the fund trail investigation, the ED came to know that Deepak Nayyar and his associates have forged documents under the guise of freight services. Also, Hong Kong money was sent from India to the bank accounts of many shell companies.
After the initial investigation of the ED, Hyderabad Police registered a case under various criminal sections on 9 September 2021, after which the Enforcement Directorate started investigation by registering a case of Money Laundering Act in this case. The Enforcement Directorate traced Deepak Nayyar on the basis of fund trail investigation of suspicious bank accounts and analysis of GST returns.
Where are the owners of shell companies?
It was also revealed that Deepak was an entry operator running shell companies. These shell companies got money partly from Chinese companies and other dubious companies. In this case, the Enforcement Directorate had arrested CA Ravi Kumar of M/s HKR Associates on 27 December 2021.
During the investigation so far, the suspected mastermind of this case and the owners of shell companies have been said to be absconding. Based on the information, Deepak Nayyar was arrested by the ED and produced before the special ED court in Hyderabad. From where he has been sent on ED remand for interrogation, the investigation of the case is going on.