ED Conducts Major Raids.. Uncovers Massive Money Laundering Operation

The Enforcement Directorate (ED), under the supervision of its Visakhapatnam Sub-Zonal Office, conducted simultaneous searches at seven locations in Delhi and Kolkata. The agency reportedly found that funds had been illegally transferred overseas under the guise of customised software imports using forged documents and fabricated invoices. The investigation revealed that Vaddi Mahesh, his father and some others had allegedly set up several shell companies in Kolkata to facilitate the transactions.

The ED identified transfers amounting to Rs.569.03 crore from these entities to five companies in Singapore, Hong Kong and China. The transactions were allegedly routed through shell-company bank accounts between 2014 and 2017. The agency is estimating that the case involves suspected proceeds of crime and financial transactions worth around Rs.1,500 crore. During the searches, officials seized Rs.47 lakh in unaccounted cash, 5,900 US dollars, 2,200 UAE dirhams, 5,600 units of Chinese currency, along with key documents, property papers and digital devices.