The men, identified as Mahender Khatri, Vinod Ojha and Anand Bidrakar, were all from Hyderabad, said the Enforcement Directorate or ED. The men sent money out of the country in the guise of advances towards imports by fabricating invoices.
"Mahender Khatri obtained VAT registration certificates from commercial taxes department by submitting fabricated rental agreement. Based on this he floated three shell companies and made outward remittances worth Rs 31.6 crore by submitting fabricated proforma invoices of foreign suppliers," The Enforcement Directorate said.
Three company accounts were identified in the name of Srinivasa Trading Company owned by Bhanwarlal Raj Purohit, who sent Rs 9.18 crore, GS Trade owned by Juara Ram Purohit which sent Rs 11.44 crore and Vinayaka Enterprises owned by Babulal Hari Singh which sent Rs 10.98 crore.
A case has been filed under the Prevention of Money Laundering Act based on complaint issued at Chandanagar police station on May 20 by HDFC bank. Investigations found that Vinod Ojha, who is a into cheque discounting business, has accepted cash amounting to several crores of rupees from Mahender Khatri and then infused the money into various bank accounts using several firms.
Anand Bhaskar, who is into iron and steel business infused the cash into the shell companies which are under his control. The Enforcement Directorate alleged that the accused without actual imports into India caused substantial foreign exchange loss to the country.
The accused have been remanded to judicial custody till July 6.