BoB PMLA case: ED arrests father & son
The Enforcement Directorate has arrested a man and his son in connection with its probe in the Rs 6,000 crore Bank of Baroda (BoB) money laundering case.
Officials said businessmen Manmohan Singh Sehgal and Gagandeep Singh Sehgal, were placed under arrest late Tuesday under the provisions of the Prevention of Money Laundering Act (PMLA) for allegedly illegally routing about Rs 245 crore funds to firms based in Hong Kong by using shell companies.
They said the two businessmen will be produced before a court on Wednesday for further custody.
The agency said the two had hired two people who got opened accounts in the Ashok Vihar branch of the BoB here "in the name of the persons having no financial worth on the basis of fake identities."
"The total amount remitted in the guise of fraudulent advance import remittances on the basis of fake documents comes to USD 3,78,26,899 (about Rs 245 crore)," the ED said. It added these firms did not import any goods but these remittances were sent "so as to aid under invoicing of goods" for other companies and thus save import duties.