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Multi-crore Hawala racket unearthed
Published on 25 Sep. 2009 11:06 PM IST
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The Enforcement Directorate (ED) on Friday unearthed one of the largest Hawala money-laundering networks in the world after conducting raids at eight locations around Delhi. The kingpin behind the entire racket has been identified as Naresh Jain, whose house was raided in Delhi. His Hawala racket running into thousands of crores of rupees was spread across India and many countries in the world including UAE, China, Nigeria, Pakistan, Afghanistan, Italy and Bolivia. Jain, an NRI, is in fact considered as the world’s undisputed Hawala king. His Hawala transactions are estimated to be around Rs 5000 crore, reported ZeeNews on its website on Friday. According to ED sources, the agency has registered a case of Foreign Exchange Management Act (FEMA) violation against Naresh Jain. But he has neither been arrested nor detained as there’s no provision for the same under the Act. As per reports, about Rs 60 lacs of Indian currency and foreign currency worth Rs 30 lacs were recovered from the residence of mastermind Naresh Jain. Besides the currency, several incriminating documents were also found in the raid. According to sources, these are details about some shady transactions he made in countries like Pakistan and Afghanistan. Hence the investigating agencies are also probing his connections with Dawood Ibrahim’s D-Company and the drug mafia. Jain was earlier based in Dubai and had shifted his base to India just six months ago. In fact, while in Dubai (2007), he was arrested and interrogated on similar charges. Reports now claim that during his questioning it was found that he had even routed funds to the Al Qaeda terror network. After that Naresh Jain, slowly shifted his base to India via Nepal.

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