New Delhi, Sep.25 (ANI): Enforcement Directorate has busted a Hawala transaction racket worth thousands of crores of rupees here after it seized incriminating documents during raids carried out at eight different locations linked to non-resident Indian (NRI) businessman Naresh Jain on Thursday (Sep.24).
About six million rupees have also been recovered from Naresh's premises during the raid. He had shifted his base to Delhi from Dubai about six months ago.
The seized documents suggest Naresh Jain was into drugs business, which was spread to Pakistan and Afghanistan. It also looks that the drugs business could have been spread over Dubai, Nigeria, China and Bolivia. Besides, the probability of his links with the D Company of Underworld Don Dawood Ibrahim have not been ruled out, said a Zee News report.
Hawala Kingpin Naresh has been booked under provisions of Foreign Exchange Management Act (FEMA), said Times Now report.
Though Naresh has not yet been arrested and a Look-Out notice is likely to be issued to prevent him from leaving the country. Whether the money being transacted by Naresh was linked to terrorism in Pakistan and Afghanisatn is also being probed, Zee News quoted sources as saying. eanwhile, the Home Ministry has been informed about the case and preparations are underway to issue the notice.
Initial reports could not confirm if the raids were limited to venues located in the national capital. (ANI)