Mumbai: The Enforcement Directorate (ED) recently conducted searches in several major cities including Mumbai, Delhi, Hyderabad, Kurukshetra, and Kolkata under the Foreign Exchange Management Act (FEMA).
These searches targeted the premises of M/s. Capricornian Shipping & Logistics Pvt Ltd, and its directors Vijay Kumar Shukla and Sanjay Goswami, as well as associated entities like M/s. Laxmiton Maritime, M/s. Hindustan International, M/s. Rajnandini Metals Limited, M/s. Stawart Alloys India Pvt Ltd, M/s. Bhagyanagar Limited, M/s. Vinayak Steels Limited, M/s. Vashishta Constructions Pvt Ltd, along with their respective directors and partners including Sandeep Garg, Vinod Kedia, and others.
During the ED search operation, reportedly unexplained cash amounting to Rs 2.54 crore, part of which was hidden in a washing machine in Mumbai, was found and seized. Additionally, various incriminating documents and digital devices were found and confiscated. Furthermore, 47 bank accounts belonging to the entities involved have been frozen.
The ED's FEMA investigation was based on credible information, which revealed that certain entities were involved in sending foreign exchange outside India on a large scale.
The investigation found that these entities made suspicious outward remittances totaling Rs. 1800 crore to two Singapore-based entities, M/s. Galaxy Shipping & Logistics Pte Ltd, Singapore, and M/s. Horizon Shipping & Logistics Pte Ltd, Singapore. These overseas entities are managed by one Anthony De Silva.
These outward remittances were allegedly made under the guise of payments for bogus freight services and imports and were further layered through a complex web of transactions involving shell entities such as M/s. Neha Metals, M/s. Amit Steel Traders, M/s. Triple M Metal and Alloys, M/s. HMS Metals, among others. ED's investigation into this matter is continuing.
