The Directorate of Enforcement (ED) has carried out extensive search operations across India in connection with a major money laundering probe involving alleged illegal foreign remittances routed through shell entities and bogus trade transactions.
The action was undertaken under the provisions of the Prevention of Money Laundering Act, 2002 (PMLA).
According to an official press release dated April 22, 2026, the ED’s Mumbai Zonal Office conducted searches at 13 locations on April 21, 2026, spanning Maharashtra, Delhi, and Andhra Pradesh. The raids targeted premises linked to beneficiaries, key operators, bullion traders, and cooperative credit societies suspected of facilitating the laundering network.
The investigation pertains to Rajeshwar Exports Pvt. Ltd. and its alleged role in siphoning funds abroad through fraudulent import-export transactions. The case originates from an FIR registered at Mumbai’s N.M. Joshi Marg Police Station against Ritesh Amritlal Jain and others, accusing them of criminal conspiracy, cheating, and operating a network of shell companies.
ED findings reveal a sophisticated layering mechanism, wherein proceeds of crime were routed through multiple dummy entities created in the names of employees and associates. These funds were eventually consolidated into the accounts of Rajeshwar Exports Pvt. Ltd., which acted as the primary conduit for overseas remittances under the guise of trade transactions.
During the financial year 2016–17 alone, over ₹1,400 crore was allegedly funneled through the company’s accounts and transferred to entities based in Hong Kong, Dubai, and Thailand. The ED further noted that export proceeds exceeding ₹1,478 crore remained unrealised, strongly suggesting that the transactions were fictitious and lacked any genuine business activity.
The investigation has highlighted widespread misuse of identities to create shell entities. Individuals were allegedly recruited as dummy directors or name lenders in exchange for nominal payments, while the actual control remained with the main accused.
Search operations led to the seizure of incriminating documents and digital evidence, including rubber stamps, PAN cards, photographs, and blank signed cheque books—indicating systematic fabrication of corporate structures.
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Further, cooperative credit societies played a crucial role in the laundering chain. Multiple individuals were enrolled as members, and bank accounts were opened in their names. These accounts were used for structured cash deposits, which were then transferred to shell entities on instructions. Approximately ₹200 crore is estimated to have been routed through such societies.
The ED also uncovered the involvement of bullion traders whose transactions were allegedly used to disguise the movement of funds. Evidence suggests that invoices generated by these traders were not backed by actual movement of goods, indicating accommodation entries designed to lend legitimacy to illegal transactions. Over ₹250 crore was reportedly transferred through such channels.
In earlier proceedings, the ED had already attached assets worth ₹58.16 crore in the case. A Prosecution Complaint has also been filed before the Special Court under PMLA.
The agency has stated that further investigation is ongoing, and additional financial linkages and beneficiaries are being examined.
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