International hawala kingpin Naresh Jain arrested

New Delhi, Dec 9 : The Economic Offences Wing of Delhi Police has arrested transnational hawala kingpin Naresh Jain for the offences of cheating, forgery and criminal conspiracy.
A case was registered on a complaint filed by the Enforcement Directorate where it is alleged that Jain and his associates are carrying out illegal activities such as large scale money laundering, hawala transactions and FEMA violations.
Forged documents were used for getting dummy companies incorporated, opening and operating bank accounts and getting mobile connections for carrying out the sham transactions. The syndicate has been operating off-shore bank accounts opened in the name of shell companies in countries like Hong Kong, Singapore and Dubai etc. Based on the FIR registered by the EOW, the Enforcement Directorate also initiated proceedings under the provisions of PMLA.
After conducting preliminary enquiry into the complaint received from the Enforcement Directorate, a case was registered at the EOW in September 2018 and investigation was taken up.
The investigation has revealed that hundreds of trading and tour-travel companies and firms were incorporated in the name of persons recruited by Jain for carrying out circular trading, accommodation entries to show bogus turn over and hawala transactions. During the course of investigation, several persons who were recruited by the accused and his associates and who were appointed as directors and proprietors in the shell entities have been examined.
“During investigation, it has emerged that the bogus entities were being run from the offices opened at various obscure places in Vikas Puri, Pritam Pura, Janak Puri, Rohini etc. with multiple entities registered at common addresses,” said O.P. Mishra, Joint CP, EOW.