Overview
- The Enforcement Directorate registered a PMLA case and searched premises in Delhi, Mumbai and other locations linked to Vikas Garg and his associates.
- Officials allege duty-free PVC resin and betel nuts meant for re-export were diverted into the domestic market using forged shipping bills and customs seals that falsely showed exports to Nepal and Bangladesh.
- Investigators estimate the diversion between 2015 and 2017 caused a loss of about Rs 190 crore to the exchequer.
- The underlying CBI FIR names Titan Sea & Air Service Pvt. Ltd., its directors Jagannath Rai and Chandra Shekhar Rai, Dubai-based Pradeep Kumar Mittal, and logistics operators Jitendra Bansal and Brij Mohan Bishnoi.
- The ED is tracing suspected proceeds of crime by examining financial trails, offshore entities created in employees’ names, and alleged shell companies to identify beneficiaries.