ED arrests Chennai man in Rs 425-cr money laundering case
Jul 09, 2022
New Delhi [India], July 9 : The Enforcement Directorate has arrested one Narender Kumar Gupta in a case of money laundering wherein around Rs 425 crore were remitted outside India using 19 dummy Indian entities, the agency said on Saturday.
This is the fourth arrest of ED in this case. A special court has remanded Gupta to 15-day judicial custody.
ED had filed the case on the basis of an FIR registered on the basis of a complaint by Punjab National Bank against 19 entities which opened accounts with their Mint Street, Chennai branch and in a span of six months and remitted Rs 425 crore to various entities in Hong Kong and the United Arab Emirates.
The ED said, on the verification, Indian entities were found to be non-existent and the real beneficiaries were the promoter and directors of the entities outside India, which are being brought to book.
ED investigation revealed that Narender Gupta had incorporated an entity in Hong Kong, of which he was the director, and had used the same for the purpose of laundering Rs 22.6 crore and hence was arrested by the agency.
