TMC leader accused in illegal forex dealings furnished misinformation to RBI
The Enforcement Directorate (ED) has got specific information on Trinamool Congress leader Shankar Adhya, accused in ration distribution case and diverting the proceeds abroad by converting them into foreign currencies, on how he misinformed the Reserve Bank of India (RBI) on such conversions done through different foreign exchange dealing companies linked to him, said sources.
IANS
Jan 26, 2024 01:06
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Kolkata, Jan 26 (IANS) The Enforcement Directorate (ED) has got specific information on Trinamool Congress leader Shankar Adhya, accused in ration distribution case and diverting the proceeds abroad by converting them into foreign currencies, on how he misinformed the Reserve Bank of India (RBI) on such conversions done through different foreign exchange dealing companies linked to him, said sources.
Especially under the scanner of the ED sleuths, sources said, are the foreign currency conversions done through such entities during the financial year 2012-13.
As per the statements furnished by a particular entity linked to Adhya to the apex bank of the country only a paltry amount of Rs 50,000 was made through that entity during the financial year under review.
However, sources added, ED has got definite documents that showed the actual foreign currency conversion done through that same entity during the same financial year amounted to several crores of rupees.
The ED sleuths have also made some idea on why the said entity submitted such misinformation to RBI. That was, according to sources, because such huge foreign currency conversions were made deviating from the prescribed norms in case of such conversions.
As per norms, travel details of the individuals who are going for this foreign currency exchange needs to be submitted at the time of conversion of Indian rupees into foreign currencies under the Foreign Exchange Management Act (FEMA).
However, said sources, ED sleuths have got definite evidence that such basic norms were not adhered to by the foreign exchange dealing entities linked to Adhya at the time of conversion.
The ED sleuths are constantly updating a special court of the Prevention of Money Laundering Act (PMLA) in Kolkata on how the proceeds in the ration distribution case were first converted into foreign currencies and subsequently parked overseas, mainly to Dubai and Bangladesh, using the Hawala route.
--IANS
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