ED Arrests Delhi-Based Importers In Money-Laundering Case

New Delhi: The ED said it arrested two Delhi-based importer brotheRsin a money-laundering case linked to alleged illegal foreign remittances worth more than Rs4,800 crore made to Hong Kong and China.

Mayank Dang and Tushar Dang were taken into custody on November 25 in the national capital under provisions of the Prevention of Money Laundering Act. A local court has sent them to Enforcement Directorate (ED) custody till Thursday, the agency said. Earlier, Manideep Mago and Sanjay Sethi were arrested as part of this investigation.

The case involves “illegal” sending of foreign remittances worth Rs4,817 crore against “bogus” and “forged” invoices for making compensatory payments for under-invoiced imports made from China and Hong Kong. The Dang brothers, the agency said, made a “well organised” syndicate comprising a big pool of Indian importeRsand traders, cash handlers, international hawala agents, local ‘Angandiya’ firms, numerous Chinese manufactureRsand supplieRsand a “dedicated” chain of warehouses in several Chinese cities. The Dang family also operated and controlled several foreign entities in “collusion and collaboration” with a key Chinese member of the syndicate known as “Mr King” who, after procuring goods from Chinese manufactureRsand supplieRsand accumulating the same in warehouses, exported them to the firms “controlled and owned” by the family.