ED Arrests Suspect in ₹696 Crore Illegal Transfers to Hong Kong, Singapore

Swift Summary

• The Enforcement Directorate (ED) arrested Amit Aggarwal on August 30,2025,under the Prevention of Money Laundering Act.
• Aggarwal allegedly orchestrated a complex web of entities used to route ₹696.69 crore to Hong kong and Singapore under false pretenses.
• The operation involved Kinzal Freight Forwarding (OPC) Private Limited and others, as outlined in an FIR filed by Delhi Police Economic Offences Wing.
• Fraudulent activities included using forged credentials of Chartered Accountant Vikash Mohpal in falsified forms for international remittances under a guise such as import payments and freight charges-with no actual goods or services delivered.
• Fake documents like airway bills, invoices, and Form 15 CB were reportedly used to execute outward remittances while bank accounts were opened using false identities by creating multiple shell entities.
• A special court has granted seven days custodial inquiry of Mr. Aggarwal by the ED.

Indian Opinion Analysis
The arrest showcases significant efforts by Indian authorities to combat financial fraud involving misuse of foreign exchange routes-a concern with implications for economic integrity and national security. Alleged laundering via forged documents not only undermines accountability within India’s financial systems but also poses risks related to resource leakage abroad without tangible trade benefits domestically. Enforcement Directorate’s prompt action may deter similar practices and strengthen institutional frameworks designed against money laundering crimes within India’s legal structure.

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