- Enforcement Directorate raided seven locations in Assam, Tamil Nadu, and Nagaland this week
- Raids targeted Imsong Global Suppliers over alleged Rs 50 crore human hair export scam
- Company claimed exports to Tunisia and Italy but lacked proper shipping and invoice documents
The Enforcement Directorate's Nagaland office raided seven locations in Assam, Tamil Nadu, and within the state this week. The raids were in connection with an alleged Rs 50 crore scam involving a Nagaland-based company called Imsong Global Suppliers that claims to procure and export human hair. One location each in Dimapur and Guwahati, and three in Chennai were searched.
The company claims to export human hair to Tunisia and Italy, but the federal probe agency received information about suspicious foreign transactions and carried out the searches. Suspicion was also raised since this is seen as an 'uncommon and commercially unviable' activity in Dimapur, sources said.
A preliminary inquiry revealed the company received foreign funds from Italian and Tunisian firms but did not submit documents related to exports, like shipping bills and invoices, within the stipulated timeframe.
This is a direct violation of Reserve Bank and FEMA regulations.
The inquiry also revealed Imsong transferred the funds it received to a second company - Inchem India Private Limited - under the guise of purchasing human hair.
Interestingly, Inchem India had shut down for several years.
It was re-opened in 2015, when Imsong began receiving foreign funds, and declared 'losses' during the period under consideration, ED sources said. This led to suspicion it was acting as a monetary conduit.
The money was then transferred to several Chennai-based companies, allegedly also involved in the human hair trade, but the agency's investigation failed to establish actual purchases or sales.
Some of the money was transferred to the personal accounts of Lima Imsong and his family members, mews agency PTI said. Inchem India is 'owned and controlled' by Lima Imsong, officials said.
It has also emerged a Director at Inchem had no knowledge of the company's operations.
During the raid, the ED seized documents and digital devices.
Further investigation is underway.
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