New Delhi – On Wednesday, a raid was conducted after two days of the arrest of four middlemen in Bank of Baroda forex scam. On that said raid, another trader in the person of Manish Jain was arrested by the Enforcement Directorate (ED). Jain was suspected of being involved in an illegal foreign exchange trading in Hong Kong as well as in China with the use of different fabricated bank accounts.
Manish Jain is said to be a resident of Ghaziabad. This information was disclosed by Sanjay Aggarwal. Aggarwal was among the four middlemen arrested on Monday by the Enforcement Directorate. Along with Aggarwal were Kamal Kalra, who was working with the foreign exchange division of HDFC bank, Chandan Bhatia, Gurucharan Singh Dhawan.
An ED official in an interview said after the arrest that Manish Jain was working on with his two firms in Ghaziabad between 2006 and 2014, which was accordingly operated later by Aggarwal. Furthermore, he used at least 11 “bogus firms” to send out a total of Rs557 core of unaccounted cash during the said period. The entire statement of the official was quoted:
“Jain had two firms in Hong Kong — namely Tanvi Enterprises and Pacific Exim which was used for depositing unaccounted cash in the banks in India, its transfer to Hong Kong in HSBC Bank and onward transmission of the same to China to settle the unaccounted outstanding dues of various importers of India with Chinese suppliers.”
Accordingly, Manish Jain has able to avail bank services from several banks – Oriental Bank of Commerce, ING Vysya Bank, ICICI Bank, Indusind Bank, Kotak Mahindra Bank, Dhanlaxmi Bank, YES Bank and DCB Bank. Furthermore, the probe revealed that there were more than a hundred of fabricated accounts were opened by Manish Jain for him to wire foreign exchange amounting to Rs 557 crore.