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Enforcement Directorate dig up major forex scam worth Rs 700 crore

The Enforcement Directorate’s investigation has revealed that Capstone Forex Private Limited had received more than Rs 700 crore in its accounts from various shell companies.

14th February 2020 | 03:03 PM (IST)
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Enforcement Directorate recently unearthed some major corporates such as G Power Solutions, Indianapolls Hospitality (Jay Mehta Group), Consult Shah Financial Services, Eros International Media, Jain Energy (Jain Irrigation Group), Navarkar Builders, Next Gen Films, Swatantryaveer VD Savarkar Multistate Cooperative Credit Society.

All the corporates were directly or indirectly involved in funding Capstone Forex Private Limited. It was found out that, Capstone bought forex from doctored, bogus and fake air tickets and passports. The investigation also revealed that Capstone had received more than Rs 700 crore in its accounts from various shell companies.

During the interrogation, the companies failed to prove on how Capstone Forex received so much funds. The Enforcement Directorate is likely to dismiss the accused involved in the fraud for questioning.

However, Eros International recently issued a statement claiming that they have not received any communication from ED in the Capstone case, they said, “We strongly condemn the allegation and want to reassure the market, investors and stakeholders that Eros International Media Limited have not received any communication from ED and we have no business transactions with Capstone Forex,"

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14th February 2020 | 03:03 PM (IST)
8 views
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