ED arrested Chennai businessman

New Delhi May 23: The Enforcement Directorate(ED) has been arrested Chennai-based firm, who has attached property worth Rs 1.75 crore and accused of cheating the state-run Indian Bank and laundering money, they arrested here on Monday.

Looking into the matter, The agency's move comes following a FIR by Chennai police against K. Liakath Ali, the owner of Galaxy Impex, on a complaint of the Indian Bank about cheating and use of forged documents by certain importers.

ED officers has said that Ali has been remanded in judicial custody,

The officilas further said that "It is a case of money laundering through shell companies by traders engaged in import of electronic goods. The accused remitted large sums of foreign exchange out of India by cheating a Chennai-based Indian Bank branch. In this case, forged bills of entry were used as actual documents generated through electronic data interface of the Indian Customs."

Meanwhile, the ED officsers also said that "Using these forged documents, an outward foreign exchange remittance of over Rs 18.66 crore was made from the bank accounts held in the names of shell entities without effecting any physical imports".