The Enforcement Directorate (ED) on Monday conducted searches at 10 premises, both offices and residential, of Naresh Chand Jain located at Pitampura, Vikas Puri, Rohini and Wazirpur, in Delhi.
The searches were conducted under Section 37 of Foreign Exchange Management Act (FEMA), 1999 on July 1.
The searches were conducted on the basis of information received by the Directorate that Naresh Chand Jain and his brother Bimal Kumar Jain are involved in large scale Hawala and illegal activities.
Naresh Chand Jain has been indulging in opening of shell companies and generation of fake invoices which he uses for making bogus import and exports.
Indian currency to the tune of Rs. 27 lakh and foreign currency of various countries including Dubai, Hongkong, U.S., and Philippines were seized, besides various incriminating documents including details of various shell companies, stamps, letter head, fake/bogus invoices of various shell companies were recovered from his offices located in north-west and western part of Delhi.
Seizures made by the ED also include hard discs, mobile phones, several pan cards, voter ID cards, digital payment devices of various foreign banks, various SIM cards of Nepal and Dubai.
It has been found that Naresh Chand Jain, along with his brother, has been doing Hawala transfers to Dubai, Singapore, Hongkong, China, Nepal, USA, Europe and other countries. Details of various bank a/c's maintained in Dubai were also seized from the searched premises.
It has also been found that Naresh Chand Jain registered shell companies by paying certain people a meager sum of Rs. 5,000-50,000 for becoming directors in his companies. These fake directors and shell companies were later used by Naresh Chand Jain and his associates for Hawala and illegal activities.
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