Mumbai: During the investigation into the Malegaon money laundering case, it was revealed that a portion of the proceeds of crime (POC), amounting to Rs 714.56 lakhs, were allegedly diverted abroad under the guise of bogus software imports by two shell companies. These foreign outward remittances were conducted in the name of Ferbion International and Blaze International, with funds generated from allegedly illegal activities such as online gaming and betting, according to documents accessed by the FPJ.
Investigation say the foreign outward remittances done from the bank accounts of the said two entities to international recipients, involving multiple accounts further unveiled significant fund transfers by Blaze International and Ferbion International through various Indian banks to entities located in the UAE, USA, and Singapore.
Blaze International operates through two bank accounts with Kotak Mahindra Bank (A/C No. 8149XXXXXX), from which a total outward remittance of Rs 332.99 lakhs to various international recipients were made. This included Rs 233.37 lakhs to the UAE-based Premium XO Information Technology (UAE), Rs 47.87 lakhs to USA-based Hamdan Information Technology Co. LLC and Rs51.75 lakhs to Singapore-based Anabia Information Technology Limited.
Additionally, Blaze International also utilized an HDFC Bank account (A/C No. 5020XXXXXX) to send Rs 38.52 lakhs to Premium XO Information Technology in the UAE.
The second identified shell company found to have a role in money laundering was Ferbion International, using its Kotak Mahindra Bank account (A/C No. 9156XXXX), from which a total outward remittance of Rs 343.05 lakhs was routed to multiple destinations. The funds from this account was diverted to UAE-based Smart Care General Trading LLC amounting to Rs 208.44 lakhs, Hamdan Information Technology Co. LLC amounting to Rs 82.59 lakhs and Rs 52.03 lakhs to Anabia Information Technology Ltd.
These firms claim to offer IT solutions, web development, and technical training, and potentially other digital services. However ED sources alleged that these entities are shell companies and serve merely as fronts for money laundering activities.
The investigation revealed that both Blaze and Ferbion International are fictitious entities opened by arrested accused Siraj Memon of Malegaon to facilitate money laundering. Similarly, the UAE-based firm Smart Care General Trading LLC, which received Rs 208.44 crore, was also registered under Memon's name. However, the ED suspects that the true beneficiary of these Indian and international entities is Mehmood Bhagad, alias "Challenger King," who is believed to be the mastermind behind this money laundering scam. Bhagad, currently absconding, has been identified as a key architect of this elaborate laundering network.
Further investigation revealed that Memon transferred Rs 13.26 crore in cash to a hawala trader, which was subsequently moved to various entities in Dubai, including Smart Care General Trading LLC, Seven Seas International, Kobalt Trading, Surya IT Solution LLC, and Premium Information Technology Ltd Co.
Moreover, two additional shell entities, Cubex Infosoft and Ezilon Solutions, were found to have facilitated the remittance of approximately Rs 5.41 crores abroad, employing similar laundering tactics.
According to ED prosecution Complaint (PC), this is a classic case of money laundering, orchestrated by Siraj Memon (Accused-1), Nagani Akram Mohammad Shafi alias Monu (Accused-2) and Vasim Valimomad Bhesaniya alias Sanju (Accused-3), under the instructions of Challenger King and his accomplices.
