The Enforcement Directorate's Chandigarh Zonal Office conducted raids on Friday at three suspected shell companies - Kindent Business Solutions Pvt. Ltd., Rainet Technology Pvt. Ltd., and Mool Business Solutions Pvt. Ltd. - in Noida and Lucknow, Uttar Pradesh reported NDTV.
These companies claimed to be IT firms offering services like wallet-based API, domestic money transfer based payment systems, and bill payments. However, the ED investigation revealed that these firms were actually used to launder money from a massive online forex and multi-level marketing scam, duping thousands of investors across the country.
The ED investigation revealed that the accounts with heavy transactions were receiving payments from entities like QFX, YFX, YorkerF, TLC Coin, and BotBro, which were already under investigation for money laundering and irregular investment scams. When questioned about these entities, the company directors denied any connection, further raising suspicions of a money laundering conspiracy.
So far, the ED has frozen 116 bank accounts linked to these companies, including Rs 103 crore in illegal earnings from just 16 accounts.
Source: NDTV
