The Economic Offences Wing (EOW) of Delhi Police on Wednesday claimed to have arrested a hawala kingin and mastermind of incorporating and operating several shells entities across several countries. Police said that two red corner notices were also issued against the accused by Interpol on request of the Narcotics Control Bureau of Rome and Dubai.
The accused has been identified as Naresh Jain who was arrested on December 8 and he is in four days police custody.
According to Dr O P Mishra, the Joint Commissioner of Police, EOW, a case was registered on the complaint filed by Enforcement Directorate wherein it is alleged that Naresh Jain and his associates are carrying out illegal activities such as large scale money laundering, Hawala transactions, FEMA violations.
“It is revealed that hundreds of trading and tour-travel companies and firms were incorporated in the name of persons recruited by Jain for the purpose of carrying out the circular trading, accommodation entries to show bogus turn over and Hawala transactions,” said the Joint CP.
“Several persons who were recruited by the accused and who were appointed as Directors and proprietors in the shell entities were examined. The bogus entities were being run from offices opened at various obscure places in Vikas Puri, Pritam Pura, Janak Puri, Rohini etc with multiple entities registered at common addresses,” said the Joint CP.