ED unearths Rs 2.5 cr following raids in city, other places

Delhi / Hyderabad: The Enforcement Directorate (ED) was shocked after unearthing Rs 2.5 crore stashed in a washing machine during raids conducted on offices of Capricornian Shipping & Logistics Pvt Ltd at various locations in Delhi, Hyderabad, Mumbai, Kurukshetra and Kolkata.

The ED conducted searches under the provisions of FEMA,1999, a press release said. The ED launched an inquiry following reliable information indicating the involvement of certain entities in transferring a significant amount of foreign exchange out of India, with suspicious outward remittances totalling Rs 1,800 crore to Galaxy Shipping & Logistics Pvt Ltd, Singapore, and Horizon Shipping & Logistics Pte Ltd, Singapore.

These foreign entities are overseen by a single individual named Anthony De Silva, the release said.

Capricornian Shipping & Logistics Pvt Ltd, Laxmiton Maritime and their associates were found to have sent outward remittances totalling Rs 1,800 crore to entities in Singapore under the guise of fake freight services and imports, concealing the transactions through intricate dealings involving shell companies such as Neha Metals, Amit Steel Traders, Triple M Metal and Alloys, HMS Metals, among others.

During searches incriminating documents, digital devices and unexplained cash worth Rs. 2.54 crore have been found and seized and 47 bank accounts have been frozen.