The Enforcement Directorate (ED) has arrested Narender Kumar Gupta in a case of money laundering wherein around `425 crore was remitted outside India using 19 dummy Indian entities. The money laundering case against Gupta was recorded by ED on basis of an FIR registered on the complaint of Punjab National Bank against 19 entities which opened accounts with their Mint Street, Chennai branch and in a span of six months remitted `425 crore to various entities in Hong Kong and UAE, the ED said in a statement.“On verification, these Indian entities were found to be non-existent and the real beneficiaries being the promoter directors of entities outside India are being brought to book,” it said.
The probe under Prevention of Money Laundering Act (PMLA) revealed that Gupta had incorporated an entity in Hong Kong of which he was the director and had used the same for the purpose of laundering `22.6 crore. This led to Gupta’s arrest. This is ED’s fourth arrest in this case.The Special Court (PMLA) remanded him to Judicial custody for 15 days and further investigation is in process, it added.