ED seizes Rs 9 cr from hawala dealer’s office in Connaught Place

first_imgThe Enforcement Directorate (ED) on Monday seized Rs 9.28 crore in cash from an alleged hawala dealer’s office in Connaught Place.The modus operandi of Pankaj Kapoor – dealer-cum-owner of CP Vault Private Limited, which offers safe deposit locker facility to customers and is located in B block – was to collect cash from the parties concerned, generate invoices of diamond sale against the money collected and transfer the funds by misusing banking channels.After a tip- off, an ED team led by assistant directors Rajeshwar Singh and Sharath Chaudhary swooped down on Kapoor’s premises in CP late in the night and recovered large volumes of unaccountedfor money that was largely in the denomination of Rs 1,000 notes.The cash was stuffed in almirahs, which were broken open.Almost four of the seized notes were found to be fake, ED sources said.The agency also got hold of incriminating documents, laptops and mobile phones from the office.According to the ED’s official release, the dealer’s total cash collection in the last two years was found to be more than Rs 2,800 crore.Kapoor has another office at Ferozeshah Road and stays in Anand Lok, South Delhi. He has around 1,200 vaults on offer to customers to keep either cash or jewellery.An ED officer said the vault facility was being misused and a case under the provisions of the Foreign Exchange Management Act had been registered against the dealer.The sleuths are also monitoring two bank accounts in the UK and Dubai, as well as the involvement of foreign companies.advertisementThe hawala dealer was involved in the import and export of diamonds.For more news on India, click here.For more news on Business, click here.For more news on Movies, click here.For more news on Sports, click here.last_img

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