This entire case goes to the depths of hawala network, shell companies and international racket of fraud.
New Delhi: The arrest of Harshvardhan Jain on charges of running a fake embassy from a two-storey bungalow in Ghaziabad’s Kavinagar has exposed the layers of international fraud and hawala racket. The most surprising name that has emerged in the UP STF investigation is that of Ehsan Ali Syed, who is a native of Hyderabad and has now taken Turkish citizenship.
Who is Ehsan Ali?
Ehsan has lived in London for a long time and has been involved in many fraudulent activities. Ehsan Ali is the same person who has been considered very close to the controversial religious leader Chandraswami. On his advice, Harshvardhan Jain set up dozens of shell companies abroad.
What does the investigation say?
The investigation has revealed that these companies were used for hawala transactions, money laundering and large-scale economic fraud. Names of some of these fake companies are:
- State Trading Corporation Ltd (UK)
- East India Company UK Ltd (UK)
- Island General Trading Co LLC (Dubai)
- Indira Overseas Ltd (Mauritius)
- Cameron Ispat Sarl (Cameroon, Africa)
Where were Ehsan Ali Saeed’s businesses based?
Ehsan Ali Saeed’s company Western Advisory Group was based in Switzerland and Bahrain. This company arranged loans of about 70 million pounds (about Rs 735 crore) in the name of getting loans to Swiss companies between 2008 and 2011 and charged brokerage of 25 million pounds (about Rs 262 crore) in return. After getting the money, Saeed absconded.
On the request of the Swiss government, London police arrested him in November 2022. After this, in July 2023, the Westminster Court approved his extradition. Finally, the Zurich Court of Switzerland sentenced Saeed to 6 years and 6 months in prison for fraud and absconding with the money.
What was Harshvardhan’s role?
Interrogation of Harshvardhan Jain has revealed that he also has a connection with Ehsan Ali. Harshvardhan’s involvement with Ehsan Ali is being investigated. Jain has several bank accounts opened in his name in India and abroad, which are being investigated. A case has been registered against Harshvardhan in Kavinagar police station under sections 318(4), 336(3), 338, 340. The STF is preparing to take his remand.
This entire case goes to the depths of hawala network, shell companies and international racket of fraud, in which connections have been found from India to UK, Turkey, Switzerland, Mauritius and Africa.
