Hawala kingpin likely to be booked under COFEPOSA
New Delhi: Alleged hawala kingpin Naresh
Kumar Jain is likely to be booked under the stringent foreign
exchange and anti-smuggling Act COFEPOSA for laundering
international drug money and running hawala network of over Rs
Finance Ministry sources said Jain is likely to be booked
under the Conservation of Foreign Exchange and Prevention of
smuggling Act .
He was arrested by Narcotics Control Bureau on December
6, 2009 in a joint operation with the Enforcement Directorate,
which had earlier searched his premises in New Delhi and
booked him under the Foreign Exchange Management Act (FEMA).
Jain, who is currently in judicial custody till January
18 was also booked by the Directorate under the Prevention of
Money Laundering Act (PMLA).
The Directorate, meanwhile, had questioned Jain during
his 11-day custody with the agency.
While Jain is said to have told the probe agencies that
he was a genuine Dubai-based businessman mainly focusing on
import of cobalt from the Congo in Africa, security agencies
During its searches in some office and residential
premises in New Delhi, ED had claimed to have recovered large
amounts of incriminating documents, which allegedly showed
Jain`s business transactions with some people in Pakistan and
Download the all new Zee News app for Android and iOS to stay up to date with latest headlines and news stories in Politics, Entertainment, Sports, Technology, Business and much more from India and around the world.
More from India
More from World
More from Sports
More from Entertaiment
- Growing sense of despondency in India from last 6-8 months: Aamir Khan
- 8th Ramnath Goenka Awards: Sudhir Chaudhary awarded for Excellence in Journalism
- I am surviving only on 25% of my liver today, says Big B
- Ram Mandir in Ayodhya will be built soon, says Thawar Chand Gehlot
- Aamir Khan's 'intolerance' comment kicks up row
- Karnataka, Madhya Pradesh bypoll results: As it happened on November 24
- Lesson for jihadi aspirants? ISIS says Indians not good enough as 6 out of 23 fighters from India are killed
- Aamir Khan feels intolerance growing in India, says his wife suggested moving out of India
- Intolerance issue: When did ‘Incredible India’ become ‘Intolerant India’, Anupam Kher asks Aamir Khan
- Tirupati, Tirumala rains update: Temple remains open; pilgrims continue to pour in for darshan