Laundry Day Surprise! Loads Of Cash Upto Rs 2.5 Crore Found Hidden In Washing Machine
Recently, the Enforcement Directorate (ED) seized Rs 2.54 crore in "unexplained" cash at various locations in Delhi, Hyderabad, Mumbai, Kurukshetra and Kolkata. Interestingly, a huge stack of cash was found hidden in washing machines.
Where was the search conducted?
The search was conducted in the premises of several companies, including Capricornian Shipping and Logistics Pvt Ltd, Laxmiton Maritime, Hindustan International, Rajnandini Metals Limited, Stawart Alloys India Pvt Ltd, Bhagyanagar Limited, Vinayak Steels Limited, and Vashishta Constructions Pvt Ltd.?
The directors and partners of these companies are also under investigation.
However, the ED did not disclose where the cash kept in the washing machine was recovered.
Read the ED post here:
What did the ED find?
The decision to take action was made following the receipt of "credible information" suggesting that the entities were engaged in transferring foreign currency out of India "on a large scale".?
They conducted "suspicious" outward remittances totaling Rs 1,800 crore to Singapore's Galaxy Shipping and Logistics and Horizon Shipping and Logistics.
Upon investigation, the ED discovered that these remittances were disguised as fake freight services and imports, then concealed through a series of intricate transactions involving shell entities.
What happens to the cash seized by Enforcement Directorate?
The Enforcement Directorate seizes money suspected of being linked to illegal activities but must return it if the accused can explain its source.
When they seize money, they give the person accused of wrongdoing a chance to explain where the money came from.?
In case of no proper explanation, the money is taken under the Prevention of Money Laundering Act (PMLA).
Then, officials from the State Bank of India (SBI) are called in to count the seized money using a machine that counts notes.?
Once the counting is done, the ED, along with bank officials, makes a list of how much money was seized and how many notes there are of different values like ?2000, ?500, and ?100.
After that, the money is put into boxes and sealed up in front of witnesses. Then it's taken to a bank branch in the same state where it is put into a special account owned by the agency. Later on, the money is moved to the central government's treasury.
But if the person accused of the crime is found not guilty, the money is given back to them.
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