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The ED has taken major action against a cough syrup smuggling and money laundering network. Raids have seized several shell companies, crores of rupees in illegal proceeds, and luxury goods. More major revelations are expected in this case.
ED cracks down on fake syrup smuggling network
New Delhi: The Enforcement Directorate (ED) has launched a major operation against the illegal cough syrup smuggling and money laundering network. In this operation, the ED conducted raids in various parts of the country, seizing crores of rupees in illegal proceeds, hundreds of shell companies, and luxury goods. Initial investigations have revealed an organized and large-scale syndicate involved in cough syrup smuggling and money laundering.
189 shell companies uncovered in Ranchi
The Enforcement Directorate seized documents of 189 suspected shell companies from the office of M/s Sally Traders in Ranchi. The investigation revealed that illegal transactions were conducted through these companies, showing a fake turnover of ₹450 crore. These companies were being used for smuggling and money laundering. Through documents, the ED discovered that the illegal sale of cough syrup and the proceeds from it were being easily transferred through the laundering network.
Luxury Items Recovered from the Main Accused's House
Upon opening the locked house of the main accused, Shubham Jaiswal, the ED found bags and watches from expensive brands. Expensive bags and watches from brands like Prada, Gucci, Rado, and Audemars Piguet were recovered from the house. Their total estimated value is over ₹1.5 crore. Furthermore, significant expenditures were also made on the interiors of the house, estimated to cost between ₹1.5 and ₹2 crore. This evidence indicates that the accused attempted to maintain a lavish lifestyle with his ill-gotten gains.
Suspended Constable's Luxurious Home in Lucknow
The ED raided the Lucknow home of suspended constable Alok Pratap Singh. The information uncovered was shocking. Alok had built a palatial house, the construction cost of which alone was estimated at approximately ₹5 crore. The house was built in a posh area, and the land was valued separately. This indicates that the accused had amassed wealth illegally through money laundering.
Raids on Pharma Companies in Ahmedabad
The ED also raided the premises of M/s Aarpik Pharmaceuticals Pvt. Ltd. and M/s Idhika Life Sciences in Ahmedabad. These companies are accused of illegally selling cough syrup, misuse, and unaccounted transactions. The investigation revealed that the company directors had used several fake bank accounts and were laundering funds through these companies. The ED also recovered data on 140 companies from Vishnu Agarwal, a chartered accountant, whose role is suspected in the money laundering.
Indications of money transfers from 125 companies in Saharanpur
An investigation into Vibhor Rana and his associates in Saharanpur revealed that illegal money was being transferred through their companies. Suspicious data and transaction records related to 125 companies were found. Through these companies, money was being diverted from one account to another to conceal the source of the funds. The ED has initiated action against these companies and has collected evidence.
