The Aryavarth Express
Agency (New Delhi): The Directorate of Enforcement (ED) has conducted searches under the provisions of the Foreign Exchange Management Act (FEMA), 1999, at the premises of M/s. Capricornian Shipping & Logistics Pvt Ltd, its directors Vijay Kumar Shukla and Sanjay Goswami, and associated entities 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, and their directors/partners Sandeep Garg, Vinod Kedia, and others. The searches were carried out at various locations, including Delhi, Hyderabad, Mumbai, Kurukshetra, and Kolkata.
The ED initiated the investigation based on credible information revealing that the entities involved were sending foreign exchange outside India on a large scale and had made suspicious outward remittances amounting to Rs. 1,800 crore to M/s. Galaxy Shipping & Logistics Pte Ltd. and M/s. Horizon Shipping & Logistics Pte Ltd., both located in Singapore. These overseas entities are managed by an individual named Anthony De Silva.
During the search, it was discovered that M/s. Capricornian Shipping & Logistics Pvt Ltd, M/s. Laxmiton Maritime, and their associates had made outward remittances totaling Rs. 1,800 crore to the Singapore-based entities under the guise of bogus freight services and imports. These transactions were layered through a web of complex transactions involving shell entities such as M/s. Neha Metals, M/s. Amit Steel Traders, M/s. Triple M Metal and Alloys, and M/s. HMS Metals.
The ED officials also found and seized unexplained cash amounting to Rs. 2.54 crore during the search, with a portion of the cash hidden in a washing machine. Various incriminating documents and digital devices were also found and seized during the search proceedings. Additionally, 47 bank accounts belonging to the entities involved have been frozen.
The investigation is ongoing, and further developments are expected as the ED continues to probe the case.
The ED’s action against the entities involved in the suspicious outward remittances highlights the agency’s efforts to curb foreign exchange violations and money laundering activities. The seizure of cash and incriminating documents, along with the freezing of bank accounts, is a significant step in the ongoing investigation. The ED remains committed to uncovering the full extent of the alleged FEMA violations and taking appropriate action against those involved.