Manish Shah, a Dubai based businessman from Surat has been arrested by the Enforcement Directorate (ED) for his role in a multi-crore hawala scam. He was produced in a special court for cases relating to the Prevention of Money Laundering Act.
The ED has sought a 10 day remand and since Shah could not secure a lawyer for himself, Judge A P Bhojak will hear the case.
It is alleged that Shah owns a trading company in Dubai and received over Rs.700 crore through various hawala channels from two key accused – Afroz Fatta and Madanlal Jain- who were running a hawala racket.
The ED also claimed Shah was running his Dubai company on behalf of Jain and transferred money from the company through various Dubai hawala operators.
The ED busted the multi crore hawala racket during search operations in Surat offices of diamond traders including Fatta and Jain in March 2014.