The Enforcement Directorate (ED) conducted searches at 13 locations across Maharashtra, New Delhi, and Andhra Pradesh on Tuesday as part of an ongoing money-laundering investigation linked to alleged illegal foreign remittances totaling over ₹1,400 crore. The probe centers on M/s Rajeshwar Exports Pvt Ltd and its promoters.

The investigation dates back to the post-demonetisation period in 2016, when authorities began scrutinizing suspicious high-value transactions within the diamond trade. The current case originated from a first information report (FIR) lodged at the NM Joshi Marg police station in Mumbai against Ritesh Amritlal Jain.

According to the ED, the accused established a network of shell companies and dummy firms to launder money overseas under the pretense of legitimate import-export transactions. The searches were conducted under the Prevention of Money Laundering Act (PMLA) and spanned nine locations in Maharashtra, two in Delhi, and two in Andhra Pradesh. Targeted premises included those of alleged beneficiaries, bullion traders, key operators, and cooperative credit societies believed to have facilitated the routing of funds abroad. The funds were reportedly layered through multiple shell companies before being deposited into accounts held by Rajeshwar Exports Pvt Ltd, designated by the agency as the main channel for the illicit remittances.

Officials stated that in the 2016-17 period alone, upwards of ₹1,400 crore passed through the company’s accounts and was transferred to overseas entities in Hong Kong, Dubai, and Thailand. The ED also uncovered that export proceeds exceeding ₹1,478 crore remain unreleased, raising concerns that many transactions may have been fictitious, lacking any genuine commercial activity.

Earlier, the ED had attached assets valued at ₹58.16 crore in connection with the case and has filed a prosecution complaint before a special PMLA court. The investigation remains active as authorities continue to probe the extent of the alleged money-laundering operations.