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The Enforcement Directorate (ED) has taken action against alleged financial irregularities, conducting searches under the provisions of FEMA,1999 at several locations associated with M/s. Capricornian Shipping & Logistics Pvt Ltd, along with its directors and associated entities.
The investigation stemmed from credible information indicating involvement in large-scale outward remittances of foreign exchange amounting to Rs. 1800 Crore to Singapore-based entities, namely M/s. Galaxy Shipping and Logistics Pte Ltd & M/s. Horizon Shipping & Logistics Pte Ltd, managed by Anthony De Silva.
During the search operations, it was discovered that M/s. Capricornian Shipping & Logistics Pvt Ltd, along with its associates, facilitated these remittances under the guise of bogus freight services and imports, utilizing a network of shell entities such as M/s. Neha Metals, M/s. Amit Steel Traders, and others.
In addition to uncovering the financial transactions, the Enforcement Directorate seized unexplained cash amounting to Rs. 2.54 Crore, including cash concealed in a washing machine. Various incriminating documents and digital devices were also confiscated during the search proceedings.
Furthermore, the ED has frozen 47 bank accounts associated with the entities involved, as part of their efforts to unravel the complexities of the scam and hold those responsible accountable for their actions.
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