BENGALURU: Unearthing a racket fascinated with illegal conversion of demonetised notes, the ED has arrested seven alleged middlemen and seized Rs ninety three lakh in new forex in Karnataka as part of its money laundering probe.
officers talked about the company positioned the seven, including the relative of a executive genuine, underneath arrest late on Monday beneath provisions of the Prevention of cash Laundering Act (PMLA).
Rs ninety three lakh in new notes of Rs 2000 had been seized within the case, they delivered.
officers mentioned the action was once taken as part of a probe in a case the place the profits tax division had not too way back seized Rs 5.7 crore cash in new foreign money and the Enforcement Directorate had booked a cash laundering case against a govt engineer and others in keeping with a CBI FIR within the case.
The modus operandi adopted by the use of the alleged middlemen, officers mentioned, used to be unearthed after ED officers launched a unique operation and themselves posed as ‘shoppers’ looking to get outdated foreign exchange modified illegally, after paying price to the stated middlemen.
officers mentioned the probe by means of the company found out that these alleged middlemen were reportedly charging a fee between 15-35 per cent and have been executing the racket of illegal conversion of latest notes in alleged connivance with bank officials.
They mentioned the company suspects that there is a chain of middlemen fascinated about converting black money into white concurrently they delivered that the probe in continuing.
The accussed are expected to be produced in a local court docket docket right here for additional custody.