Vishakapatnam: The Sleuths of Enforcement Directorate (ED)  arrested fugitive  Bhimendra Kumar Goyal @ B.K.Goyal @ Munna Goyal in a multi-crore hawala racket. The man is accused of money laundering by sending compensatory hawala payments abroad for importing under-valued goods into India.

Goyal was absconding for many years and was suspected to be hiding in Singapore until lately when he was arrested and lodged in Tihar Jail. Based on orders, he was moved to Vizag where the ED has arrested him and sought custody for 5 days.

The ED’s Investigation is based on an FIR registered by Andhra Pradesh Police against one Vaddi Mahesh and others following a complaint filed by Income tax department.

Investigation revealed that, Vaddi Mahesh along with others had established several shell companies and subsequently opened bank accounts. The accused remitted huge amounts of foreign outward remittances equivalent to Rs 1500 Crore to various companies in Singapore, China and Hong Kong in the guise of import of non-existent ‘customised software’.  Vaddi admitted to the investigators that he was acting on the instruction of Bhimendra Kumar Goyal.

Besides this,The Directorate of Revenue Intelligence found Bhimendra Kumar Goyal’s involvement in smuggling of goods. ‘He hoodwinked the customs duty for import of under-value goods. Several  bank accounts were used to send hawala payments abroad, as compensatory payments for the goods smuggled into India by him. Funds were diverted from one bank account to another, in layers make detection difficult. Entry operators deposited cash using proprietary firms avoid detection”.

It is suspected that the accused has offered their services on commission to other importers who were

importing goods from China,  HongKong at under-valued prices to avoid customs duty.

Coreena Suares

Coreena Enet Suares is the Editor of NewsMeter. Her stories have been published in the Deccan Chronicle Newspaper and the Asian Age. Coreena began her career as a News Anchor. Throughout her journey, she has been able to build a strong network with people from all walks of life. She is an alumnus of Edward R. Murrow Program for Journalists- Research and Investigation, a flagship initiative of the International Visitor Leadership Program (IVLP)

Coreena is also a certified fact-checker by Google India Initiative. She has attended the 'Defence Correspondents Course 2019, through which she visited Indo- Pak border, besides traveling on a War-ship and insight into operations of Fighter aircraft. Coreena's focus areas are anti-crime investigation agencies and Defence reporting.

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