ED has asked the banks to freeze 1,815 accounts spread across the country of various people and entities that have carried out unexplained transactions with the six accused companies. These accounts are with 67 different banks.
Although the ED investigation team identified three people – Deepak Nayyar, Pankaj Yadav and Amit Giri – as managers of nonexistent floating companies to justify the huge overseas remittances through the nine bank accounts, they did not. has not been able to trace their whereabouts so far.
The invitations sent to their registered addresses turned out to be unsuccessful. Even the addresses given turned out to be false. The money they sent to cover the alleged expenses related to paying the rent for the cloud storage was also part of their superimposed and suspicious transactions that obscured the real purpose. ED’s office in Hyderabad investigated irregularities in the name of online gambling through certain digital applications. . He focused on the role played by two companies – Linkyun Technology Private Ltd and Dokypay Technology Private Ltd – in transferring Rs 1,100 crore taken from gullible people in India through online gambling.
He followed the money trail through extensive exercise. He also discovered that the accused persons and entities were using the Paytm gateway to transfer money to China through the back door.
Investigators found that six companies were instrumental in this money laundering exercise. Great Trans International, Asia Pacific Cargo, Radiant Spark Technology, Achiever Biz International, Connecting Worldwide and Genex Shipping Private Ltd are the six companies that were raided by ED.
ED also raided the office of their joint chartered accountant firm, HAR and Associates. During research, ED officials discovered that a huge amount of money had been sent to Hong Kong-based accounts by these companies. Their CA certificates were also found to be obtained by paying money.
ED was able to trace nine bank accounts belonging to these six companies and verify the flow of money in and out of these accounts. She found that a large network of entry operator-type accounts was being exploited to launder money.
“None of the monetary transactions found in these accounts provide economic justification. The money was sent overseas through some selected branches of SBI and SBM in Mumbai. The beneficial owners of the nine bank accounts used fake addresses and the business they were planning turned out to be fake as well, ”an ED official said.
The agency urged the 67 banks to freeze bank accounts. “We verify the real purpose of the transactions carried out. Until then, the banks have been asked to freeze the accounts because there is a risk of draining all the money left by the crooks, ”the ED said in its communication to the banks.