The ED had earlier registered a PMLA case against the firm on the basis of the Mumbai police’s Economic Offences Wing (EOW)’s probe in 2016.
Mumbai: The Enforcement Directorate (ED) has arrested a chartered accountant in its probe against a Mumbai-based firm Geodesic Limited (GL), which is an accused in a PMLA (Prevention of Money Laundering Act) case, for his alleged role in routing around Rs 830 crore.
The ED’s probe indicated that the arrested person, Dinesh Jajodia (51), allegedly plotted a criminal conspiracy to defraud the shareholders as well as overseas FCCB (foreign currency convertible bonds) holders or investors by creating a web of shell companies in various countries through fictitious dealings in order to receive wrongful gains. The ED had earlier registered a PMLA case against the firm on the basis of the Mumbai police’s Economic Offences Wing (EOW)’s probe in 2016.
Jajodia is a director and an authorised signatory of various overseas companies located in the UAE, Hong Kong and British Virgin Islands for his role in aiding in the laundering of FCCB money amounting to USD 125 million, said an ED source. “He was a practicing chartered accountant and tax consultant for Geodesic Ltd,” the source said. The firm is accused of diverting the money raised through FCCB then diverting it to tax havens.
The accused firm had raised USD 125 million under FCCB for which a London-based bank had acted as a trustee. The utilisation of the funds was proposed as investment in foreign subsidiaries or new overseas acquisitions, the source said. The amount was first credited in the overseas account with the London bank and thereafter was transferred directly into the account of its overseas subsidiaries, Geodesic Holdings Limited, Mauritius and Geodesic Technology Solutions Limited, Hong Kong. On maturity, M/s. Geodesic Ltd had failed to adhere to the commitment given to the London bank for the repayment of the amount.