In a sweeping operation, the Directorate of Enforcement (ED) has launched searches across multiple locations tied to M/s. Capricornian Shipping & Logistics Pvt Ltd and its directors Vijay Kumar Shukla and Sanjay Goswami. These raids, conducted under the Foreign Exchange Management Act (FEMA), 1999, span Delhi, Hyderabad, Mumbai, Kurukshetra, and Kolkata, aiming to uncover suspected financial misdealings.
During the searches, alarming revelations emerged, implicating the entities in sizable foreign exchange transactions amounting to Rs. 1800 Crore, allegedly routed to overseas firms such as M/s. Galaxy Shipping & Logistics Pte Ltd., Singapore, and M/s. Horizon Shipping & Logistics Pte Ltd Singapore.
The probe uncovered a sophisticated scheme whereby M/s. Capricornian Shipping & Logistics Pvt Ltd, in collusion with related entities, orchestrated outward remittances to Singapore-based counterparts through fictitious means like freight services and imports. This intricate web of transactions involved shell companies like M/s. Neha Metals, M/s. Amit Steel Traders, M/s. Triple M Metal and Alloys, M/s. HMS Metals, among others.
In a startling twist, authorities stumbled upon unexplained cash totaling Rs. 2.54 Crore, concealed within a washing machine. This, coupled with the seizure of incriminating documents and digital devices, underscores the gravity of the situation. Additionally, 47 bank accounts linked to the entities under scrutiny have been frozen, amplifying the scope of the investigation.
As the ED delves deeper into the matter, the focus shifts towards unravelling the intricate layers of financial irregularities and potential money laundering schemes.