3 Arrested In Netherlands For Laundering Over $1 Billion For Indian Firm

The Dutch company bought materials and services around the world for the Indian firm which has been involved in laying a gas pipeline on the subcontinent since 2006.

 Share
EMAIL
PRINT
COMMENTS
3 Arrested In Netherlands For Laundering Over $1 Billion For Indian Firm

The suspects allegedly received payments of up to $10 million for their involvement. (Representational)


The Hague: 

Dutch investigators have arrested three former employees of a local company suspected of laundering some $1.2 billion for an energy client in India, prosecutors said Friday.

The Dutch company bought materials and services around the world for the Indian firm which has been involved in laying a gas pipeline on the subcontinent since 2006.

"It is suspected that the Dutch company used to increase the amounts on the invoices for the materials and services supplied," said the public prosecutor's office, which did not name either company.

The company also acted as a so-called "invoice duplicator" meaning the Indian company was able to claim costs twice from gas customers, the statement added.

"The 'profits' earned in this way were subsequently creamed off via the Dutch company," it said.

The gains were then transferred via a complex web of businesses based among others in Dubai, Switzerland and the Caribbean, before eventually ending up at a business owned by the Indian company in Singapore.

The suspects allegedly received payments of up to $10 million (8.9 million euros) for their involvement.

Suspicions were raised after an inspection of the books of the Dutch company, situated south of the central city of Utrecht.

Dutch investigators of the elite Fiscal and Investigation Services raided the company's premises in November 2017, seizing administrative records.

The three suspects who were arrested on Tuesday are expected to appear before the Rotterdam district court on Friday.

"In this case Dutch companies are suspected of assisting an Indian client to launder suspected illegal earnings," the statement said.

The real losers "were probably individual citizens in India" as the cost of production of gas is passed onto the consumer, it added.



(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)


Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................