Officers from India’s Enforcement Directorate have arrested a man on suspicion of laundering INR190m (USD3m). Ajit Jain, a trader from Mumbai, faces charges under the Prevention of Money Laundering Act (PMLA).
The funds, according to reports, stem from a large scale fraud.
The case dates back to a 2013 report made by Canara Bank about a similar sum of money defrauded from some of its clients. The accused allegedly helped to channel funds to the unknown person behind the fraud, using both the banking system and hawala.
Read the story in the Economic Times.