ED uncovers ₹714.56 lakh money laundering scheme, funds routed through bogus software imports to UAE, USA, and Singapore | File Photo
Mumbai: During the investigation into the Malegaon money laundering case, it was revealed that a portion of the proceeds of crime (POC), amounting to Rs 714.56 lakhs, were allegedly diverted abroad under the guise of bogus software imports by two shell companies. These foreign outward remittances were conducted in the name of Ferbion International and Blaze International, with funds generated from allegedly illegal activities such as online gaming and betting, according to documents accessed by the FPJ.
Investigation say the foreign outward remittances done from the bank accounts of the said two entities to international recipients, involving multiple accounts further unveiled significant fund transfers by Blaze International and Ferbion International through various Indian banks to entities located in the UAE, USA, and Singapore.
Blaze International operates through two bank accounts with Kotak Mahindra Bank (A/C No. 8149XXXXXX), from which a total outward remittance of Rs 332.99 lakhs to various international recipients were made. This included
Additionally, Blaze International also utilized an HDFC Bank account (A/C No. 5020XXXXXX) to send
The second identified shell company found to have a role in money laundering was…