Deepak Kumar, Ramesh Kadel, his family, and his accomplice have had their moveable and immovable properties worth Rs 4.09 crore attached by the Directorate of Enforcement (ED). The linked properties include immovable property and the bank balance of Deepak Kumar’s sole proprietorship, M/s Naina Jewellers.
On the basis of an FIR lodged by the Maharashtra Police in 2015, which was later moved to EOW, Mumbai, the ED launched an investigation under the PMLA 2002 against M/s Yogeshwar Diamonds and others.
According to an ED investigation, M/s Yogeshwar Diamonds and others sent monies to firms situated in Hong Kong SAR, China, using fake bills of entry. M/s Star Grace Limited was one such shell foreign corporation that collected a large number of unlawful proceeds of crime via this method. Documents gathered by ED revealed that Deepak Kumar was the director, and he had failed to reply to ED summons in recent years. On his way back from Dubai on February 25, 2023, he was detained by the ED under the PMLA 2002.
He is currently under judicial detention. Examining his and his firm’s bank accounts in India revealed that he is part of a broader network of shell businesses that are moving enormous amounts of unaccounted monies to international shell firms under the premise of forged/fabricated bills of entry in the diamond-selling sector.
Deepak Kumar was the Hong Kong Company’s authorised Director, although he is not the ultimate beneficial owner of M/s Star Grace Limited Hong Kong SAR. According to the inquiry thus far, Ramesh Kumar Kadel is the beneficiary of these payments, and he is now in Dubai, having fled India and failing to reply to the ED summons. The ED conducted a money trail investigation and removed the corporate veil, discovering that fake proprietors, Directors, and Partners were appointed on shell firms and assisted in commission laundering operations.
The ED has identified the accessible assets of the principal beneficiary, Deepak Kumar, and other shell entity owners, and has filed a provisional attachment order. In addition, a Prosecution case has been filed before the Mumbai PMLA Special Court. More research is being conducted.
