Chennai: Mani Anbazhagan, son of former DMK minister late Ko.Si. Mani, was arrested by sleuths from enforcement directorate in connection with a money laundering case they had registered in March this year.
The case relates to outward remittance of foreign exchange to the tune of Rs 78 crore by eight current account holders by submitting forged bills of entry to the Indian Bank branch at Thousand Lights.
All these accounts were opened after receiving applications from Anbazhagan was what the bank officials told the ED team.
ED investigators found that Rs 78 crore worth foreign exchange was remitted by eight shell entities upon production of forged bills without any physical imports. All the account holders’ addresses and Anbazhagan’s residence were searched by the ED in March this year.
The ED officials feel that Anbazhagan acted as single point contact to carry out the fraudulent money laundering activity.
ED further noted that the identity proof for the ‘Know Your Customer’ (KYC) submitted to the bank was found to be fictitious. A total of Rs 97.5 crore was deposited in the bank through these companies after which foreign exchange remittance to the extent of US $11.27 million, the equivalent of Rs 75.5 crore, was fraudulently made on the basis of forged import documents without making actual imports.
The ED attached the balance amount of Rs 20 crore lying in the bank accounts. After ED sleuths unearthed the links between the fake entities and the son of the former minister, they arrested him under sections of prevention of money laundering act. He was produced before metropolitan court and sent to Puzhal jail on a 15-day judicial remand.
