CBI seizes Rs 94 lakh cash related to illegal remittances sent to Hong Kong
The CBI has seized Rs 94 lakh cash during searches at 18 locations in connection with three ongoing cases related to illegal remittances worth over Rs 155 crore sent to Hong Kong camouflaged as payments for fake imports during 2014-16, officials said.
The Central Bureau of Investigation is probing three cases related to foreign exchange remitted abroad by nine entities through eight nationalised banks by submitting fake import documents such as bills of entry and bills of lading etc., without any actual trade, an agency spokesperson said on Friday.
The CBI has booked an alleged hawala operator Mohammed Farooq Mohammed Hanif Shaikh, unidentified officials of cooperative societies and others in the cases.
Searches were conducted at 18 places, including in Mumbai and Bhopal etc., which led to the recovery of approximately Rs 94.37 lakh cash, incriminating documents and electronic gadgets etc., the spokesperson said.
The agency is looking into aspects of Trade-Based Money Laundering ..