ED arrests Seabay International partner in Rs 1,146 crore Chinese loan app case – Reuters
HYDERABAD: The Law Enforcement Directorate (ED) said on Monday that it had arrested Deepak Nayyar of New Delhi, a partner of Seabay International, for money laundering in connection with the Chinese loan application cases . Nayyar was arrested on May 5 and brought before the Special Court in Hyderabad, according to the ED statement.
The accused allegedly laundered Rs 1,146 crore in Hong Kong by sending remittances overseas from certain branches of State Bank of India and State Bank of Mauritius in Mumbai using fake Air Way Bills (AWB) from reputable companies under the guise of freight forwarding services. and fabricated invoices under the guise of importing cloud video surveillance storage rental services.
Earlier on December 27, 2021, Ravi Kumar, chartered accountant of HAR Associates, was arrested in the case while the alleged mastermind and owners of the shell companies remain at large, according to the ED statement. It is alleged that money extorted from victims of online micro-loan apps was diverted and sent overseas by front companies. While following the trail of the funds while investigating the loan applications affair, ED detectives stumbled upon a new modus operandi involving the use of forged AWBs.
The ED shared this information with the Hyderabad Police, following which a new case was registered at the Central Crime Station in September 2021. The investigation of the suspicious bank accounts and the analysis of computer statements and TPS led the ED to Nayyar, the front-end operator who was using the shell companies to launder the money.
These shell companies received laundered money partly from Chinese companies and partly from other unrelated suspicious entities to the tune of Rs 1,146 crore which was sent as remittances overseas on the based on false certificates and documents. Further investigation into the case is ongoing, the ED said.
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