Money laundering investigation: ED probes 2 firms in case against Bineesh

The ED is looking at the funding pattern for Kochi-based firm Rianha Event Management and Bengaluru firm Yoush Events Management where Anoop and Rijesh Ravindran, another accused in an NCB drug case were directors.

The ED has alleged in court documents that Bineesh uses several benami associates to launder funds received from undisclosed sources. The ED has alleged that the two event management firms are suspected to be controlled by Bineesh and used for laundering funds from illegal activities, possibly including drug trade.

The Kochi-based firm was set up in November 2016 and has Rijesh Ravindran, Anoop and Hakkim Beeran as directors. The company has not made any RoC filings on revenues and there is no official record on the RoC website to link Bineesh to the firm apart from an acknowledged close association with Anoop.

Yoush Events Management was set up in Bengaluru in November 2018 and has Anoop and Vivek Balakrishnan as directors.

Yoush Events has also made no filings on revenues and has no obvious linkages to Bineesh.

The ED, in documents filed in court since the arrest of Bineesh, has said it is investigating these firms in depth on account of the alleged possibility of these firms being used for huge money laundering activities.

“Mohammed Anoop, a drug peddler, was arrested by ED on 17.10.2020 and, during his custodial interrogation, he inter-alia admitted that he was indulging in sale and purchase of narcotics drugs and closely associated with Bineesh Kodiyeri,” the ED said in a statement after Bineesh’s arrest.

Anoop “held various bank accounts and indulged in transferring/ layering of huge proceeds of crime. Fund trail investigation also established that huge amount of unaccounted funds were being regularly credited in his accounts by Bineesh Kodiyeri. These were preceded by large cash deposits in Kerala into accounts of Bineesh Kodiyeri,” the ED has stated.

“During the course of investigation, it is revealed that Mohammed Anoop is a benamidar of Bineesh Kodiyeri and all his financial dealings were done on the instructions of Bineesh Kodiyeri who had paid huge amounts of money to Mohammed Anoop,” the ED said.