The Directorate of Enforcement has frozen Rs 123 crore belonging to shell entities from Singapore in the bank accounts of NIUM Indian Pvt Ltd. The investigation revealed a complex network of money laundering through shell companies and fake invoices.
ED freezes 123 cr stashed in bank accounts of NIUM India Pvt Ltd thehindubusinessline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thehindubusinessline.com Daily Mail and Mail on Sunday newspapers.
ED freezes Rs 123-cr of Singapore-based shell firms parked in bank accounts of Mumbai-based NIUM India webindia123.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from webindia123.com Daily Mail and Mail on Sunday newspapers.
The searches were carried out on February 23-24 against a company named NIUM India Pvt Ltd and its directors based in Mumbai, Xoduz Solution Pvt Ltd, Vikrah Trading Enterprises Pvt Ltd, Tyrannus Technology Pvt Ltd, Future Vision Media Solutions Pvt Ltd, Aprikiwi Solution Pvt Ltd. in Chennai and Raphael James Rozario at Kochi.
The proceeds of crime generated from these apps and similar platforms are aggregated and laundered through mule accounts opened in various banks in Kerala using payment aggregators, says the agency