August 23 2018
The Enforcement Directorate has unearthed a money laundering racket for which funds were rotated among eight companies and close to ₹8,000 crore was created by the masterminds as credits in their accounts, with the seed money of just ₹6.87 crore.
The same money was rotated over 100 times in each company within 12 days, using cheques. There was no movement of cash.
The infused money of ₹6.87 crore was ultimately returned to the companies controlled and managed by main accused Surendra and Virendra Jain.