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ED probes 3 co-op societies in ₹1,478 crore money-laundering case
The Enforcement Directorate is examining three co-operative credit societies in Maharashtra and Andhra Pradesh for allegedly routing funds abroad in a ₹1,478 crore money-laundering case linked to Rajeshwar Exports Pvt Ltd. Searches last week led to seizures, with assets provisionally attached and an FIR cited as the probe's basis. The investigation points to a multi-layered laundering scheme involving intermediaries, bullion traders, and shell companies.
Why It Matters
This marks a broader ED crackdown on complex, multi-entity money-laundering networks spanning multiple states, highlighting efforts to curb illicit foreign remittances and shell-entity schemes.
Timeline
4 Events
Provisionally attached assets and FIR-based probe
April 26, 2026
Assets worth ₹58.16 crore have been provisionally attached. The ED’s probe is based on an FIR registered at NM Joshi Marg police station in Mumbai against businessman Ritesh Jain and others for alleged criminal conspiracy, cheating and creation of shell entities; the case points to a structured, multi-layered laundering mechanism involving co-operative societies, intermediaries, bullion traders and shell companies to obscure the funds’ trail.
Searches last week lead to seizures
April 25, 2026
Searches carried out at premises linked to alleged beneficiaries, operators, bullion traders and co-operative societies led to seizure of incriminating documents and digital devices.
Transfers to overseas entities during the 2016-17 window
2017
Investigators indicate that funds moved through the firm’s accounts in the 2016-17 window and were transferred to overseas entities in Hong Kong, Dubai and Thailand, with export proceeds exceeding ₹1,478 crore not realised.
Alleged routing of funds through Rajeshwar Exports accounts in 2016
2016
Investigators say that around ₹1,400 crore was routed through Rajeshwar Exports Pvt Ltd’s accounts during 2016 as part of the money-laundering scheme before some funds were moved abroad in later years.