Representational image only. File
The Enforcement Directorate (ED) has arrested a person allegedly involved in creating a complex web of entities, which were used to route funds to the tune of ₹696.69 crore to Hong Kong and Singapore on various pretexts.
The accused named Amit Aggarwal was arrested under the Prevention of Money Laundering Act on August 30, 2025. The ED has taken action based on a First Information Report (FIR) registered by the Delhi Police’s Economic Offences Wing against Kinzal Freight Forwarding (OPC) Private Limited and others.
It is alleged that the company and others remitted huge funds overseas by misusing the credentials of Chartered Account Vikash Mohpal, in certain forged forms.
“In the instant case, funds totalling ₹696.69 crore were remitted from India to Hong Kong and Singapore in the garb of import of goods and services, and payment towards freight charges. Against these remitted funds, largely no supply of goods and services were made in India and thus causing loss of foreign exchange to the exchequer,” it said.
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The agency found that for transfer of funds from India, multiple entities was created to undertake fraudulent account transactions. Also, the directors, proprietors, and partners of those entities used forged identity documents. Subsequently, bank accounts were also opened in the name of those entities using the same forged identities.
“To execute the outward remittances, these entities arranged credit entries in their respective bank accounts in lieu of cash and thereon with the help of forged airway bill, invoices and fake Form 15 CB (Accountant’s certificate required under Income Tax Rules for payment to be made to a Non-Resident or to a Foreign Company), funds were remitted outside India,” said the agency.
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The ED alleged that Mr. Aggarwal was one of the main persons involved in creating the complex web of entities using fake identities and opening their respective bank accounts. “He later arranged credit entries in the bank accounts of these entities from multiple other entities, in lieu of cash,” it said, adding that a special court has sent him to ED custody for seven days.
Published – August 31, 2025 11:55 am IST
