ED officials turn 'clients' to bust money laundering racket

Written By:
Subscribe to Oneindia News

Bengaluru, Dec 13: Officials from Enforcement Directorate posed as clients to bust a major black money conversion racket largely in Karnataka. The major breakthrough came after the ED officials themselves approached racketeers and changed currency notes.

ED officials turn 'clients' to bust money laundering racket

Seven middlemen have been arrested so far for laundering money. A major part of the nexus was busted in Karnataka. Officials from the Enforcement Directorate suspect that the same group had converted currencies earlier.

The ED has found new currency worth Rs 93 lakh from those arrested. The agency is also trying to establish links of middlemen with bank officials.

Following the arrests, many bank officials are now on the radar of the ED. The officials claim that the middlemen were converting money for commission of 15%-30%.

OneIndia News

Please Wait while comments are loading...