India: Kingpin behind trade-based money laundering arrested


July 7 2019

Enforcement Directorate (ED) has arrested Muhammed Riyaz, the alleged mastermind behind trade-based money laundering case involving shell entities, after an investigation on the specific instruction from Central Vigilance Commission. This comes after a case was registered by the ED based on an FIR filed by Central Bureau of Investigation alleging fraudulent high-value forex outward remittances or transactions exceeding Rs 3,500 crore using 57 shell entities current account opened at Syndicate Bank, Armenian Street branch here.