Mumbai: The Enforcement Directorate (ED) is probing a real estate businessman for alleged terror funding and involvement in anti-national activities under the Prevention of Money Laundering Act (PMLA).
Agency sources said the man covertly funded terrorist organisations for a significant period of time. As per Suspicious Transaction Reports (STR), he channelled an amount exceeding Rs3000 crore to Dubai, UAE, and other Gulf countries using hawala network and shell companies. He is said to have invested heavily in the real estate sector in India, although the source of his wealth remains uncertain.
Limited evidence of declared wealth
Despite checking his income tax returns and related financial information, the ED has found limited evidence of his declared wealth. Notably, the invested money was acquired as cash and then integrated into the financial system. The ED is keeping the suspect’s identity in wraps as officials are in the middle of an operation.
While ascertaining the convoluted money trail, the ED is meticulously uncovering the sources from which the suspect businessman received funds, investment into his real estate ventures, the complex web of shell companies and his business associates. The operation is led by Special Director Satyabrat Kumar, who didn’t respond to queries on the investigation.