New Delhi: Vijay Chaudhary is no ordinary man because he has a chain of 450 firms. And besides some being registered in India, many were also registered in foreign shores like US, UK, Germany and Singapore, Dubai to launder proceeds.
In what may be one of the bigget money laundering cases using trusts registered in foreign offshore tax havens.
Enforcement Directorate has arrested Zoom Developers Pvt Ltd Mubai based director Vijay Choudhary who is Mumbai based.The allegation is swindling public sector banks in India for over Rs 2,650 crore, a huge amount by any parameters.
Choudhary generated fake work contracts and obtained bank guarantees on basis of contracts and advance recived from them.
Choudhary had two trusts registered in Liechtenstein — Beverin Stifung Foundation and Windleaf Foundation, of which he was the sole beneficiary. Using these trusts, he further created five companies in UK and Switzerland which were projected to the Indian bankers as independent foreign entities that entered into contracts with Zoom Developers for various engineering services. According to ED, its investigation revealed Choudhary had a chain of at least 450 companies, many of them registered in several offshore jurisdictions, including the US, UK, Switzerland, Singapore, Germany and Dubai to launder proceeds of his crime, the money he earned swindling government banks in India.
As reported, an ED spokesperson said Vijay Choudhary had floated 15 companies in US, nine in Dubai, seven in Singapore, four in Germany , three each in UK and Switzerland and two each in China and Zimbabwe to create fake contracts and launder money.