Mumbai: The Enforcement Directorate (ED) is probing three co-operative credit societies in Maharashtra and Andhra Pradesh for their alleged role in routing funds abroad in a ₹1,478 crore money-laundering case linked to Rajeshwar Exports Pvt Ltd, officials said. The action follows recent searches conducted by the agency as part of an ongoing investigation into suspected illegal foreign remittances.
Two of the entities under the scanner are based in Ahilyanagar district (formerly Ahmednagar) in Maharashtra, while the third is located in Vijayawada, Andhra Pradesh.
According to the ED, individuals were allegedly enrolled as members of these co-operative societies and bank accounts were opened in their names to transfer cash deposits into shell entities. The funds were subsequently remitted abroad under the guise of import-export transactions,concealing their true origin and ownership. Preliminary findings suggest that around ₹200 crore was routed through a few co-operative societies.
The agency has also identified the role of bullion traders, whose transactions were allegedly used as a front to facilitate the movement of funds. So far, assets worth ₹58.16 crore have been provisionally attached.
Searches carried out last week at premises linked to alleged beneficiaries, operators, bullion traders and co-operative societies led to the seizure of incriminating documents and digital devices, officials said.
The ED initiated its probe based on an FIR registered at NM Joshi Marg police station in Mumbai against businessman Ritesh Jain and others for alleged criminal conspiracy, cheating and creation of shell entities for siphoning of funds.
Investigators suspect that about ₹1,400 crore was routed through the firm’s accounts in 2016-17 and transferred to overseas entities in Hong Kong, Dubai and Thailand. Export proceeds exceeding ₹1,478 crore were not realised, indicating that the transactions were allegedly fictitious, officials said.
The ED said the case points to a structured, multi-layered laundering mechanism involving co-operative societies, intermediaries, bullion traders and shell companies to obscure the trail of funds.