Enforcement Directorate attaches assets worth Rs.58 crore of Mumbai-based diamond firm

Enforcement Directorate has attached assets worth 58 crore rupees to a Mumbai-based diamond firm in connection with a money-laundering probe launched after demonetisation of high-value currency in November last year. The case involves 1,478 crore rupees funds and more than 500 alleged shell company accounts. 

The agency said it has issued a provisional order attaching ten immovable properties, gold jewellery and diamonds in the case against Rajeshwar Exports. These



properties belong to Ritesh Jain and Amritlal Jain. 

The case emerged after the ED booked Ritesh Jain for opening bank accounts in the name of dummy companies for effecting illegal transactions post demonetisation, and subsequently indulging in the alleged illegal import of diamonds. These dummy or shell-firm accounts were used to launder huge amounts of money post demonetisation, which included the involvement of a Hong Kong-based firm.