Look out notice issued against suspected hawala kingpin
A Look Out Notice has been issued against suspected hawala kingpin Naresh Jain, who was recently booked by the Enforcement Directorate under Foreign Exchange Management Act.
New Delhi: A Look Out Notice has been issued against suspected hawala kingpin Naresh Jain, who was recently booked by the Enforcement Directorate under Foreign Exchange Management Act.
Official sources said the Look Out Notice was issued to prevent the Indian businessman, who is accused of having a hawala network of over Rs 5,000 crore, from leaving the country through air, land or sea.
They said they are also investigating Jain`s claim that he had lost his Indian passport in Nepal and had entered the country by road.
Sources said efforts are also on to ascertain whether the businessman, accused of having undertaken hawala operations for European drug cartels along with the Dawood Ibrahim-led D-Company, had entered the country through a steamer and his passport impounded in Dubai and if so, where Jain had been operating for the last 20 years.
The businessman was earlier arrested by Dubai police in 2007 as part of their crackdown on money launderers following inputs from US` Homeland Security and UK`s Serious Organised Crime Agency that he was allegedly involved in laundering drug money.