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
5,000 crore.
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
say otherwise.
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
Afghanistan.
PTI
First Published: Monday, January 11, 2010, 23:09