Indian Kanoon - Search engine for Indian Law

4. Consequently, on the basis of the aforesaid FIR registered by the CBI, the Directorate registered an ECIR bearing No.ECIR/DLZO/20/2015 dated 09.10.2015 under Section 3 of the PMLA in order to trace, identify and provisionally attach property that may constitute proceeds of crime.

5. During the course of investigation, it was revealed that the Petitioner, in active collusion with importers and exporters, had orchestrated the creation of shell companies in India under the names of various individuals who lacked genuine financial substance. Thereafter, he procured Import Export Code („IEC‟) numbers using minimal documentation such as PAN cards and driving licences. These shell companies used to maintain bank accounts with the Bank of Baroda, through which substantial cash deposits were channelled. Parallelly, the facilitators established and/or acquired corporate entities in Dubai and Hong Kong, staffed by their own personnel and opened corresponding foreign bank accounts. Simultaneously, the complicit exporters also established overseas entities in those very jurisdictions to receive remittances, thereby fabricating a sophisticated cross-border network to camouflage the flow of tainted funds.