ED unearths Rs 2.54 cr cash stuffed in washing machine during raids on Capricornian shipping

The Enforcement Directorate conducted searches at a logistics company on Tuesday and discovered unaccounted cash amounting to Rs 2.54 crore. Some of the cash was found hidden inside a washing machine. A photo shared by the Enforcement Directorate on its official X handle depicted bundles of cash concealed within the washing machine.

Capricornian Shipping & Logistics Pvt Ltd, along with its directors Vijay Kumar Shukla and Sanjay Goswami, and associated entities including Laxmiton Maritime, Hindustan International, Rajnandini Metals Limited, Stewart Alloys India Pvt Ltd, Bhagyanagar Ltd, Vinayak Steels Limited, Vashishta Constructions Pvt Ltd, and their directors/partners Sandeep Garg, Vinod Kedia, and others were raided at various locations in Delhi, Hyderabad, Mumbai, Kurukshetra, and Kolkata. The ED conducted these searches under the provisions of the Foreign Exchange Management Act, 1999 (FEMA), as stated in a press release.

The ED initiated an inquiry based on credible information suggesting the involvement of specific entities in transferring a substantial amount of foreign exchange out of India. Suspicious outward remittances totaling Rs 1,800 crores were sent to Galaxy Shipping & Logistics Pvt Ltd, Singapore, and Horizon Shipping & Logistics Pte Ltd, Singapore. These foreign entities are managed by an individual named Anthony De Silva, according to the press release.

Capricornian Shipping & Logistics Pvt Ltd, along with Laxmiton Maritime and their associates, were discovered to have sent outward remittances amounting to Rs 1,800 crores to entities in Singapore. These remittances were disguised as payments for fake freight services and imports. The transactions were concealed through complex dealings involving shell companies like Neha Metals, Amit Steel Traders, Triple M Metal and Alloys, HMS Metals, and others.

During the searches conducted by the authorities, they discovered various incriminating documents, digital devices, and unexplained cash amounting to Rs. 2.54 crore. Additionally, they froze 47 bank accounts as part of the investigation.

Further investigation into the matter is currently ongoing.