ED-PULSE SCAM 2 LAST

Sources said the Directorate has managed to unravel
to a certain extent the jigsaw puzzle, like monetary
transactions, involved in the scam after questioning Naresh
Jain.

The Directorate of Revenue Intelligence had first
investigated the scam, after which the CBI took it up.
The CBI, while registering a case in this connection, had
alleged the three firms had connived with same number of
overseas buyers in Dubai and bypassed the ban order by
manipulating back-dated irrevocable Letters of Credit (LC)
with the Cook Islands bank.
Jain was arrested in December 2009 for allegedly
laundering drug money. He was earlier arrested in 2007 in
Dubai following a sting operation carried by American and
European drug enforcement agencies. He is alleged to be a
hawala kingpin, running a network of over Rs 5,000 crore.
The ED earlier had sent Letters Rogatory to some Gulf
countries regarding the scam.
"The investigations were already on in the case. Jain is
like a prized catch which will enable the ED to go deeper into
the scam," a source said. PTI SAP
RBT


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