The Enforcement Directorate has unearthed one more forex scam. This time it involves a total of 7 banks including Oriental Bank of Commerce, Axis Bank, ICICI, IndusInd, Kotak Mahindra, DCB, Dhanalaxmi Bank and YES Bank.
The ED has arrested one Manish Jain under the Prevention of Money Laundering Scam. Jain transferred more than Rs 500 crore through 70 fake bank accounts.
Jain was also sending money in the garb of imports and exports. He used to send money to Hong Kong in HSBC Bank and further to China. The money was remitted out of India illegally against the imports which actually never took place.
Involvement of six more banks in this case has come to the notice. Jain was running this racket since 2006. The matter was referred to the ED by Directorate of Revenue Intelligence (DRI).
ED has conducted searches in various locations, which resulted in recovery and seizure of incriminating documents and material.
Other banks, involving a foreign bank, are on the ED radar. ED has been able to track atleast Rs 6000-7000 crore worth of transaction already.