28 April,2018 04:18 PM IST | Mumbai | A Correspondent
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The Enforcement Directorate (ED) has arrested Mumbai-based chartered accountant Dinesh Jajodia, 51, who is the director and authorised signatory of various overseas companies situated in UAE, Hong Kong and British Virgin Islands, for his involvement in laundering $125 million in the form of Foreign Currency Convertible Bonds (FCCB).
According to ED sources, M/s. Geodesic Ltd, the company where Jajodia worked as a tax consultant, raised the amount under FCCB, for which Citibank N A, London was the trustee. It had proposed to utilise the funds for investment in foreign subsidiaries.
The amount was first credited in the overseas account (Citibank London) of M/s. Geodesic Ltd and later transferred directly into the accounts of its overseas subsidiaries viz. M/s. Geodesic Holdings Limited, Mauritius, and M/s. Geodesic Technology Solutions Limited, Hong Kong. Following maturity of the amount, M/s. Geodesic Ltd failed to adhere to its commitment of repaying $157 million to Citibank N A, London.
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The PMLA investigation has also revealed that Jajodia hatched a criminal conspiracy to cheat shareholders as well as overseas investors, by creating a web of shell companies in various countries through fictitious dealings in order to receive wrongful gains.
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