New Delhi, Sep 25: The Enforcement Directorate (ED) on Friday, Sep 25 unearthed one of the world's largest Hawala money-laundering networks after conducting raids at eight locations around Delhi
According to the ED sources, the agency has filed a case of Foreign Exchange Management Act (FEMA) violation against an NRI, Naresh Jain, popularly called as 'king of Hawala'.
The agency also said that his Hawala transactions are estimated to be around Rs 5000 crore.
The Enforcement Directorate is also investigating his connections with underworld D-Company and drug mafia as some incriminating documents were seized from his premises.
Jain had shifted his base from Dubai to India just six months ago.