Mumbai, Oct 30 The Enforcement Directorate (ED) on Friday said it has conducted search operations across 11 locations in Maharashtra and Gujarat under the Prevention of Money Laundering Act (PMLA), targeting an international narcotics syndicate.
The raids by the ED’s Mumbai Zonal Unit, carried out on Wednesday, spanned multiple locations in Mumbai and Navi Mumbai (Maharashtra) as well as Surat and Bhavnagar (Gujarat) and also covered crypto traders.
During the search operations, officials seized incriminating materials and digital devices, including high-end smartphones, laptops, and internal storage media. Commercial books of accounts, financial ledgers, and investment records were also recovered, as per the ED.
According to the central agency, the searches were aimed at dismantling a drug trafficking network and tracing the Proceeds of Crime (PoC) generated through the illicit trade. The syndicate is allegedly headed by two individuals Navin Chichkar, Dhiraj Chichkar, and their associates.
The money laundering investigation stems from a complaint filed by the Narcotics Control Bureau (NCB), Mumbai, under various provisions of the Narcotic Drugs and Psychotropic Substances Act (NDPS Act).
The NCB case follows the seizure of substantial quantities of high-grade hydroponic cannabis (ganja), cocaine, and unaccounted cash in Mumbai and Navi Mumbai.
Investigators revealed that Chichkar and others were part of a well-established international network dealing in the sale of cocaine, hydroponic cannabis, LSD, and cannabis edibles, which were largely sourced from outside India.
The ED’s probe indicates that drug sale proceeds received primarily in cash were systematically infused into the financial economy and layered to project them as legitimate income.
Cash proceeds from narcotics sales were routed and converted into foreign currencies, such as US dollar and Thai baht, and subsequently handed over to the accused. Ill-gotten cash was funnelled into select legitimate businesses to launder the money into untainted funds, the law enforcement agency alleged.
Searches at the premises of crypto traders uncovered details of crypto wallets and assets prima facie linked to the proceeds of crime. Investigators gathered that suspected individuals operated several crypto trading accounts from outside India, said the anti-money laundering agency.
The ED stated that the identified crypto details are currently being examined to trace linked accounts, analyse transaction histories, and secure the proceeds of crime.
Further investigation in the matter was under progress, it added.
(PTI News)
