ED attaches Rs 4 crore assets in money laundering case

MUMBAI: The Enforcement Directorate (ED) has attached properties worth Rs 4 crore, including bank balance, of Deepak Kumar, his firm Naina Jewellers and wanted businessman Ramesh Kadel — all associated with a hawala network which transferred Rs 518 crore equivalent foreign exchange abroad towards fake imports a few years ago.
The ED is probing a money laundering case based on the 2015 Mumbai police FIR against Yogeshwar Diamonds and others.It was alleged that Yogeshwar Diamonds had remitted funds to companies based in Hong Kong SAR, China, with the help of forged bills of entries. Star Grace Ltd was one of the companies that received illegal proceeds of crime. The ED found that Kumar was director of a Hong Kong-based company and wasn’t responding to ED summons. Kumar was elusive for six years and was arrested on February 23, on his return from Dubai.