The Enforcement Directorate (ED) has made significant progress in its crackdown on illegal financial activities, arresting Jatin Chopra, a resident of Gurugram, Haryana. Chopra stands accused of creating multiple shell companies to facilitate the illicit acquisition of foreign currency and the transfer of a staggering ₹329 crore abroad, allegedly based on fraudulent import bills.
This arrest is part of a larger money laundering investigation that follows a First Information Report (FIR) filed by the Delhi Police Special Cell. Earlier in July, the ED had apprehended four individuals: Ashish Kumar Verma, Vipin Batra, Rupesh Batra, and Mohan Madaan. These individuals were suspected of establishing 20 shell entities and opening numerous bank accounts, using which they reportedly acquired a total of $4,52,31,799 through forged documents, including PAN cards, Aadhaar cards, and Voter ID cards.
According to officials from the ED, “The Proceeds of Crime (PoC) were transferred abroad under the pretense of payments for service imports.” They described the case as part of a “massive international racket/fraud,” wherein foreign currency was procured and proceeds were transferred outside India using deceptive means. This activity poses a risk to the nation’s economic security and financial systems, resulting in financial losses to government departments and unwarranted gains for the accused.
On September 6, 2023, the ED submitted a prosecution complaint against the four individuals along with 30 entities, with the alleged laundered amount totaling around ₹680 crore. In connection with this case, the agency issued two provisional attachment orders concerning assets, including bank balances and cryptocurrencies, valued at approximately ₹22.93 crore.
During the investigation, the ED identified additional suspects, including Chopra, who reportedly used a similar modus operandi to illegally remit PoC abroad, specifically to destinations like Hong Kong and Singapore, by employing false import documents. Chopra was found to have set up 10 shell companies, opening their bank accounts at Canara Bank and acquiring a foreign currency total of $4,34,82,281 through fraudulent import documentation such as Bills of Entry and invoices.
The ED noted, “They transferred the PoC to foreign countries, primarily Singapore and Hong Kong, disguised as third-party payments for fake garment imports from Bangladesh.” This operation led to the acquisition of ₹329 crore using the 10 Canara Bank accounts, which were then transferred overseas.
Despite multiple summons from the ED, Chopra failed to cooperate with the investigation. As a result, the agency obtained a non-bailable warrant issued by a Delhi court, leading to his arrest. Following this, his premises were searched on September 18, 2024, as part of the ongoing investigation into this extensive financial scheme.
