New Delhi: The Enforcement Directorate (ED) on Wednesday arrested alleged hawala businessman Naresh Jain in a money laundering case involving hawala transactions worth several crores. Officials said Jain was arrested under the Prevention of Money Laundering Act (PMLA) and will be produced before a local court here. In this case, more than 600 bank accounts, and more than Rs 11,000 crore of transactions abroad are under investigation.
The Delhi-based industrialist was on the radar of the investigating agency for a long time and in 2016, the ED had also issued a notice of Rs 1200 crore to him for alleged violations of the Foreign Exchange Act. The investigating agency has accused Jain of money laundering and hawala money transactions for many years. He is also accused of providing funds to drug gangs and was arrested by the Narcotics Control Bureau (NCB). The ED’s money laundering case is based on the NCB complaint.
