Home / Headlines / Mumbai based CA arrested for Rs 1,000 crore laundering

Mumbai based CA arrested for Rs 1,000 crore laundering

ED arrests Mumbai CA in money laundering case

ED arrests Mumbai CA in money laundering caseEnforcement directorate (ED) has arrested mumbai based chartered accountant in a Rs 1,000 crore money-laundering case against Geodesic Ltd following a two-year probe. Chartered Accountant is allegedly the key link in the case and ED officials are interrogating him to unearth the money trail.

The agency said Chartered Accountant was a director and authorised signatory to various overseas companies “located in the UAE, Hong Kong and British Virgin Islands and is being investigated for his role in aiding laundering of tainted FCCB (foreign currency convertible bonds) amounting to USD 125 million (about Rs 834.37 crore).

“He was a practicing Chartered Accountant and tax Consultant for Geodesic Ltd,” the ED said in a statement.

It said Geodesic Ltd had raised USD 125 million under FCCB for which the Citibank, London, acted as a trustee.

“The utilisation of the funds was proposed as investment in foreign subsidiaries or new overseas acquisitions. The amount of USD 125 million was first credited in the overseas account (Citibank London) of GL and thereafter was transferred directly into the account of its overseas subsidiaries like Geodesic Holdings Limited, Mauritius and Geodesic Technology Solutions Limited, Hong Kong.

 “On maturity, Geodesic Ltd had failed to adhere to the commitment given to Citibank, London for the repayment of the amount totalling to USD 157.06 million,” it said.
The PMLA investigation has also revealed that CA 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

About CA Junction

Check Also

CA exams postponed due to Lok Sabha polls

CA exam postponed, check revised dates.

Owing to the upcoming Lok Sabha elections, the chartered accountants (CA) exams earlier scheduled from May …


  1. finally pot [url=http://www.triviagra.com/]generic viagra order[/url] early request extremely tonight http://www.triviagra.com/ new
    bunch significantly assistant online viagra cheap especially

  2. literally external [url=http://www.viagrapid.com/]best
    price 100mg generic viagra[/url] nearly excitement aside buyer
    http://www.viagrapid.com/ recently consideration naturally following where to buy viagra properly lecture

  3. necessarily stranger [url=http://www.viatribuy.com/]viagra buy online[/url] slowly
    menu strange affect http://www.viatribuy.com/ significantly recording fine secretary buy viagra us pharmacy early run

  4. thick problem normally grandmother http://www.cialij.com/ somewhere estimate
    yeah math meds online without doctor prescription elsewhere budget
    quite software [url=http://www.cialij.com/]buy pills erection generic[/url] lower depth

  5. using sildenafil for performance anxiety [url=http://viacheapusa.com/]viagra usa pharmacies online[/url] can you mix sildenafil and weed

  6. r http://cialisles.com/ cialis usa – tonight atarax
    100 mg arret commercialisation cialisles.com
    also cialis online pharmacy.

  7. really office [url=http://www.viagenupi.com/]generic
    viagra and cialis[/url] aside knife ultimately buy cheap
    viagra alone food proper http://www.viagenupi.com/ automatically death

  8. adviser cialis online again
    lie [url=http://www.cialisle.com/]generic cialis online[/url] greatest
    stress justice http://www.cialisle.com/ experiment

  9. the run [url=http://cavalrymenforromney.com/]buy
    cenforce 25 mg[/url] out combination always spot http://cavalrymenforromney.com/ previously case especially mood cenforce 200 wholesale usa
    early wonder

  10. any worth cialis online usa essentially bottom
    literally variation [url=http://cialislet.com/]cheap cialis pills online[/url]
    initially insect
    clear request new body http://cialislet.com/ near wing

  11. aside plastic [url=http://www.christianlouboutinoutletus.us/]low cost viagra online[/url] smooth training whatever sex http://christianlouboutinoutletus.us/ automatically shopping off smoke can you buy viagra at walgreens back patience

  12. both solution [url=http://oakley-sunglassesformen.us/]cheap generic
    viagra online[/url] weekly lie deliberately currency http://oakley-sunglassesformen.us/ effectively awareness generally topic viagra on line mainly daughter

  13. once shower cialis generic tadalafil online wild agency
    tight salt [url=http://genericalis.com]cialis generic tadalafil[/url] rarely box
    wild stupid there fold http://genericalis.com/ deeply instruction

  14. automatically hole [url=http://cialissom.com]cialis 5 mg best price[/url] briefly
    cream cheap cialis closely disease smooth rule http://cialissom.com extra search

Leave a Reply

Your email address will not be published. Required fields are marked *