Fake embassy case: Investigation unearths shocking details related to Hawala money, shell company, and a name

New Delhi: The arrest of Harshvardhan Jain on prices of working a faux embassy from a two-storey bungalow in Ghaziabad’s Kavinagar has uncovered the layers of world fraud and hawala racket. Basically the most elegant identify that has emerged in the UP STF investigation is that of Ehsan Ali Syed, who's a local of Hyderabad and has now taken Turkish citizenship.

Who is Ehsan Ali?

Ehsan has lived in London for a in fact very lengthy time and has been serious about many faux actions. Ehsan Ali is the identical particular person who has been conception to be very shut to the controversial non secular chief Chandraswami. On his advice, Harshvardhan Jain situation up dozens of shell companies foreign.

What does the investigation squawk?

The investigation has published that these companies were outdated for hawala transactions, cash laundering and great-scale financial fraud. Names of those form of fake companies are:

• Speak Trading Company Ltd (UK)
• East India Company UK Ltd (UK)
• Island Overall Trading Co LLC (Dubai)
• Indira In a foreign country Ltd (Mauritius)
• Cameron Ispat Sarl (Cameroon, Africa)

The place were Ehsan Ali Saeed’s companies based?

Ehsan Ali Saeed’s firm Western Advisory Neighborhood turn into based in Switzerland and Bahrain. This firm arranged loans of about 70 million kilos (about Rs 735 crore) in the identify of getting loans to Swiss companies between 2008 and 2011 and charged brokerage of 25 million kilos (about Rs 262 crore) in return. After getting the cash, Saeed absconded.

On the depend on of the Swiss authorities, London police arrested him in November 2022. After this, in July 2023, the Westminster Court docket permitted his extradition. Indirectly, the Zurich Court docket of Switzerland sentenced Saeed to 6 years and 6 months in penal complex for fraud and absconding with the cash.

What turn into Harshvardhan’s role?

Interrogation of Harshvardhan Jain has published that he additionally has a reference to Ehsan Ali. Harshvardhan’s involvement with Ehsan Ali is being investigated. Jain has several financial institution accounts opened in his identify in India and foreign, which may very effectively be being investigated. A case has been registered against Harshvardhan in Kavinagar police space below sections 318(4), 336(3), 338, 340. The STF is making ready to steal his remand.

This whole case goes to the depths of hawala community, shell companies and world racket of fraud, through which connections were found from India to UK, Turkey, Switzerland, Mauritius and Africa.