Alleged Hawala kingpin Naresh Kumar Jain, arrested by the the Narcotics Control Bureau, was booked on Tuesday under the Prevention of Money Laundering Act by the Enforcement Directorate. The Directorate, which had in September booked Jain under the Foreign Exchange Management Act, is likely to seek his remand soon.
Jain was being tracked by detectives in London, the United States, Holland, Italy, Spain and the UAE when he was arrested in New Delhi on Sunday. Britain's Serious organised Crime Agency said Jain controlled a worldwide money laundering system that, at its height, was capable of moving $2.2 billion every year.
The probe agency found irregularities in loans amounting Rs 3,642 crore sanctioned by Yes Bank to the travel firm.
The ED said that Jain's hawala (money laundering) transactions are to the tune of Rs 5,000 crore (Rs 50 billion).
Jain's residence was searched by sleuths of Enforcement Directorate during which they claimed to have recovered an unaccounted cash of Rs 60 lakh from his residence in Pitampura of North Delhi, official sources said.
The Enforcement Directorate (ED) on Tuesday arrested the former CFO and internal auditor of the Cox and Kings Group in connection with its money laundering probe in the Yes Bank alleged loan default case. The agency said ex-chief financial officer Anil Khandelwal and internal auditor Naresh Jain were arrested under the provision of the Prevention of Money Laundering Act
Dinakaran's chartered accountant will be called by the crime branch for questioning in the matter.
© 2026 Rediff.com - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances