On June 13, 2022, the Directorate of Enforcement (ED) detained two individuals, Vikas Kalra and Sidhant Gupta, in a money laundering case involving the fraudulent transfer of approximately Rs. 425 Crore outside of India using 19 fictitious Indian entities.
The ED’s money laundering probe was built on the FIR filed by Punjab National Bank against 19 businesses that opened accounts with its Mint Street, Chennai branch and transferred Rs. 425 Crore to various entities in Hong Kong and the UAE over a six-month period.
After verification proved the Indian entities to be fictitious, the promoter directors of organisations outside of India were found to be the real beneficiaries. In this instance, a man named Vikas Klara set up three corporations with him as the sole director in Hong Kong and used them to launder Rs. 18.95 crore. Similar to this, Sidhant Gupta set up a business in Hong Kong and utilised it to swindle Rs. 2.5 crore.
Both accused have been placed in judicial detention for 15 days by the Special Court (PMLA). There is now an ongoing inquiry.
