The alleged hawala operator Afroz Hasan Fatta had big ambitions before he got busted by the Enforcement Directorate (ED) officials. Fatta was all set to float a bank in some unidentified location abroad, besides starting export of meat from Bihar.
The ED officials, who got Fatta’s custody for three days on Thursday, refused to divulge further information, but said that they recovered documents showing Fatta’s proposed “business endeavours”.
Fatta was arrested by ED officials on Wednesday in connection with the alleged Rs 5,000-crore hawala racket.
In the remand application submitted before the court, ED named seven companies based in Surat and Mumbai which sent foreign remittance by producing fake bill of entries to Hong Kong-based companies – Al Mignas FZE Ltd, Diamur Gems, Cornell Trading, Nippon Inc. Ltd, Alalmas FSE and two UAE-based firms Alsaba General Trading FZE and Mabrook Trading.
The seven firms, which sent money offshore, named by the ED officials are – Agni Gems (Rs 180 crore), Harmony Diamond Pvt Ltd (Rs 76.2 crore), R A distributors (Rs 1,326 crore), MB Offshore Distributors (Rs 1,002 crore), Riddi Exim (Rs 991 crore), Maa Mumba Devi Gems Pvt Ltd (Rs 449 crore) and Hem Jewels (Rs 354 crore).
According to ED officials, between January and February this year, Surat and Mumbai-based firms showed outward remittances of more than Rs 1,000 crore against fake import documents of diamond. The customs officials verified that 25 bill of entries were fake. These companies had huge credit deposits in their accounts which was followed by outward remittances.
The ED officials has alleged that “the hawala racket was run by Fatta and Madanlal Jain”. Jain, a Mumbai-based trader, is said to be the partner of Fatta. In the remand application, the officials have stated that Fatta’s phone was intercepted in which he was found to be involved in the racket.