The Enforcement Directorate (ED) has arrested Sanjay Jain, former owner of Hindmata Gold Entertainment Private Ltd (of Hindmata Cinema), in the outward foreign remittance scam. Jain is the third arrest in the case. ED officers confirmed that Jain was arrested on Monday night under relevant sections of the Prevention of Money Laundering Act.
<img title="Representation pic" src="http://images.mid-day.com/images/2017/oct/Arrest-ac.jpg" alt="Representation pic" width="670" height="444" /> Representation pic
The fraudulent circle According to ED sources, Jain has been arrested in the nearly three-year-old case, wherein three companies - Kanika Gems, Yogeshwar Diamonds and Shree Charbhuja Diamonds - had allegedly remitted crores of bank loan amount to Dubai- and Hong Kong-based firms, which were shell companies, as import advance by using forged bill entries. Jain was instrumental in creating these forged bills for the companies, sources claimed.
The accused in the case set up nearly 200 shell companies. They then deposited fake import bills of entries in four banks. Later, remittances were made to unknown individuals in Dubai and Hong Kong, who ultimately laundered the money for the accused.
Earlier arrests Investigation has revealed that the total fraudulent foreign remittance of all three companies may go up to Rs 6,000 crore.
Earlier, ED had arrested beneficiary Pandit Saurabh, director of Sky Light Ltd of Hong Kong, from Delhi and Anil Chokhra, ex-director of Kanika Gems.
A diamond trader, Vijay Kothari, believed to be the brains behind the scam is abroad and still wanted in the case. ED has issued a lookout notice against him.
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The Enforcement Directorate (ED) has arrested Sanjay Jain, former owner of Hindmata Gold Entertainment Private Ltd (of Hindmata Cinema), in the outward foreign remittance scam

Mumbai: Ex-Hindmata Cinema honcho held in import remittance scam

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Home / Mumbai / Mumbai News / Article / Mumbai: Ex-Hindmata Cinema honcho held in import remittance scam

Mumbai: Ex-Hindmata Cinema honcho held in import remittance scam

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