New Delhi : The mastermind of the world’s largest hawala racket, which was being searched by police of six countries including the US-UK, has been caught by the Enforcement Directorate (ED) in India. It is alleged that he illegally manipulated around one lakh crore rupees from here and there in the last 5-6 years. Naresh Kumar Jain is the name of this Hawala King, accused of managing money for underworld, businessman, drug mafia, and other criminal networks.
According to a report, in the case of money laundering investigation, police of America, Britain, Italy, Spain, Holland and UAE were looking for Naresh. The ED has identified 942 bank accounts and 554 shell companies that Naresh Kumar Jain used for illegal transactions.
With this, at least 337 such foreign bank accounts have also been identified in which large amounts of rupees have been transacted. These foreign accounts are the most opened in Hong Kong, Dubai and Singapore. The ED has so far identified 970 people who used to convert their black money into white money with the help of the King.
According to the report, it includes big names of the corporate world. The 61-year-old businessman from Delhi was on the radar of investigative agencies since 2016. In 2018, raids were also conducted on its establishments in Rohini and Vikaspuri. He is originally from Panipat in Haryana. The officer said that Jain had financed the restricted network and he was also arrested earlier by the Narcotics Control Bureau.
The money laundering case of ED is based on the complaint of NCB. The official claimed that Jain allegedly runs an international syndicate to transfer funds through the Hawala channel. He used to do this work through a fake company, tour and travel company and his banking network.
There was a case of manipulation of crores of rupees by Chinese citizens by creating shell companies. The Income Tax Department had taken massive action against Chinese companies and Chinese citizens who had done 1000 crore transactions through Hawala business under the guise of shell companies. A Chinese citizen was also arrested in this case.