Sun, Feb 2nd, 2014

http://zeenews.india.com/news/maharashtra/mumbai-based-smuggler-s-cash-seized-on-laundering-charges_908520.html

New Delhi: A money laundering court here has ordered attachment of Rs 2.58 crore stash funds of a Navi Mumbai-based businessman who was part of a smuggling racket of precious wood that was busted in 2011. 

The order for attaching Deepak Sharad Jare's funds was made on a plea of Enforcement Directorate (ED) which had booked him on charges of money laundering after taking cognisance of a DRI smuggling case against him.

According to the charge sheet by probeagencies, Jare is an associate of Ajit Bapu Satam, the kingpin of Red Sanders smuggling trade, and used to run a syndicate with him. 

Satam is based in Mumbai and according to investigating agencies, his smuggling business (of this protected wood) has fetched him over Rs 40 crore. 

The export of Red Sanders is prohibited under Section 11 of the Foreign Trade (Development and Regulation) Act, 1992.

The adjudicating authority of the Prevention of Money Laundering Act (PMLA), a judicial body to decide on strict enforcement orders, confirmed the ED's order of attaching the cash in September last year. 

"No doubt the properties attached are proceeds of crime and are involved in money laundering," the court of Authority Member Mukesh Kumar said recently. 

The Directorate of Revenue Intelligence (DRI) raided Jare's residence in 2011 and seized total cash of Rs 2.58 crore. A joint probe report filed by DRI and ED states that the cash was accumulated from the illegal trade and smuggling of Red Sanders wood. 

"Rs 2.58 crore was recovered and seized from the residence of Deepak Sharad Jare. He admitted it to be part of amount received from Ajit Bapu Satam towards his share in the smuggling profit of Red Sanders," the probe report said. 

In the same case the agency had last year seized more than Rs 30 crore worth of assets, including an elite set of Bentley, Ferrari and Mercedes cars in the name of Satam. 

An attachment order, under Prevention of Money Laundering Act, is aimed to deprive the accused of the benefits of his ill-gotten wealth and assets.