The Enforcement Directorate (ED) in Rajasthan launched a major operation, uncovering a ₹2700 crore money-laundering scheme. The action, commencing Tuesday morning and extending late into the night, involved raids across four major cities: Jaipur, Jodhpur, Udaipur, and Bhilwara. Simultaneous raids were also conducted at 24 locations in Gujarat and Delhi.
ED sources indicate the case involves illegal financial transactions channeled through shell companies, a hawala network, and benami properties. The operation resulted in the seizure of numerous documents, electronic devices, and digital data, suggesting further revelations are likely.
Raid Initiation and Scope
Sources reveal that the ED had been monitoring a syndicate suspected of laundering significant amounts of black money through shell companies for several months. Following an undercover investigation and gathered intelligence, ED teams launched coordinated raids at approximately 6:00 AM on Tuesday.
- Jaipur: Several offices of businesses and real estate firms in Malviya Nagar, Civil Lines, and Tonk Road were sealed.
- Jodhpur: Raids targeted two brokerage houses and a chartered accountant's firm in the MNIT area and Pal Road.
- Udaipur: Searches were conducted at locations linked to mining and the hospitality industry.
- Bhilwara: Simultaneous action was taken at the home and factory of a prominent textile businessman.
Hawala, Cryptocurrency, and Fake Billing
A senior ED official stated that this money-laundering network operated with high professionalism. Funds were routed out of the country through hawala channels. There are suspicions of cryptocurrency transactions in some instances. Extensive fake billing and GST invoices were used to conceal business dealings. While the shell companies were registered in Delhi and Gujarat, their operations were managed from Rajasthan.
Simultaneous Raids at 24 Locations
ED teams were active in Ahmedabad, Surat, and Vadodara in Gujarat, targeting hawala agents, jewelry traders, and two cryptocurrency specialists. In Delhi, searches were conducted at the offices of two chartered accountants in South Extension and Karol Bagh. A total of 24 locations were raided, resulting in the seizure of documents, laptops, mobile phones, hard drives, and bank passbooks.
Political Ramifications
The ED's action has caused a stir in Rajasthan's political landscape. Investigations are underway into the political connections of some of the businessmen involved, potentially leading to significant repercussions. Opposition parties have supported the action, while some local leaders have labeled it politically motivated. ED officials have indicated that the investigation is in its early stages.
Following forensic examination of seized documents and digital evidence, interrogations will commence. Further names associated with this money-laundering syndicate are expected to emerge soon. The Enforcement Directorate's action is considered a b message against financial crimes, not only in Rajasthan but nationally.
