Kingpin of International Drug Syndicate Arrested by ED in Ludhiana for Money Laundering

Jalandhar (The Uttam Hindu):The Enforcement Directorate (ED), Jalandhar Zonal Office, arrested Akshay Kumar Chhabra, the kingpin of an international drug syndicate based in Ludhiana, in a major money laundering case. Chhabra was apprehended on Wednesday for his role in the illegal drugs trade and is linked to a network importing drugs from Afghanistan. The ED's investigation follows a case filed by the Narcotics Control Bureau, Chandigarh Zonal Unit, where Chhabra has been booked under several provisions of the Narcotic Drugs and Psychotropic Substances Act.

According to ED officials, Chhabra utilized a network of shell companies to facilitate the importation of drugs, which were subsequently distributed to various clients. The investigation revealed that Chhabra generated substantial proceeds from the drug trade, which were funneled into immovable properties, a liquor business, and sent abroad through hawala transactions.

In a separate case involving Himachal Pradesh, the ED, Shimla, has returned properties worth Rs 289 crore to a consortium led by Bank of India. These properties, seized in connection with the fraudulent activities of Indian Technomac Co Ltd (ITCOL), include land parcels in Sirmaur, Himachal Pradesh, and Hauz Khas, New Delhi, valued at Rs 190.95 crore. Additionally, movable assets such as plant and machinery worth Rs 97.96 crore were confiscated by the ED.

The ED's investigation into ITCOL's activities was initiated after an FIR was lodged by the CID of the Himachal Pradesh Police. The case alleges that the company's directors, in collusion with other officials and chartered accountants, had defrauded the bank consortium by submitting forged project reports and inflating sales to dummy companies. The loans taken by ITCOL between 2009 and 2013 were misused and funds were diverted from their intended purpose. Both operations reflect the ED's ongoing efforts to curb money laundering and fraud linked to illegal activities in the country.