New Delhi: The Enforcement Directorate (ED) has confiscated a whopping amount of Rs 9.28 crore in cash on Monday from an alleged Hawala dealer Pankaj Kapoor’s office in Connaught Place. This is reportedly the biggest cash seize by ED.

ED Assistant Director Rajeshwar Singh said, “Pankaj Kapoor had allegedly sent more than Rs 1000 crore abroad through Hawala channels.”

“In the guise of diamond business, Pankaj used to import unpolished diamonds from abroad at a nominal price and exported them at exorbitant prices to send  crores of rupees through Hawala channels,” said Singh.

He added that a case has been registered against the accused under Foreign Exchange Management Act (FEMA).

Pankaj had set up a fake diamond business to ensure the smooth run of his Hawala trade s, added Singh.

On the pretext of diamond business, the accused used to deposit cash worth Rs 10 crores almost every day in various banks and the financial institutions never raised any suspicion against him nor did they complain about it to the RBI.

The role of various banks is also being probed in this connection as some of the officials may be found to be hand-in-glove with the accused.

The various documents seized from his possession indicate that he has been carrying out transaction with various national and international banks.

Divulging about the details of the operation which lasted till late Monday night, Rajeshwar said, “We have got information about pankaj having two bank accounts in Dubai and England. We are seeking further information about the deposit details.”


(JPN/Bureau)