ED investigation revealed that the Proceeds of Crime (POC) were utilized for creation of Fixed Deposits and purchase of several immovable properties in the name of Aashish Jain and his family members
FinTech BizNews Service
Mumbai, February 26, 2025: Directorate of Enforcement (ED), Hyderabad Zonal Office has provisionally attached 22 immovable and 8 movable properties worth Rs. 7.98 Crore under the provisions of the Prevention of Money Laundering Act (PMLA), 2002 in a case related to illegal export of psychotropic substances, as per the press release issued by the ED today.
ED initiated investigation against M/s JR Infinity Private Limited, Aashish Jain, and his family members on the basis of Information Report dated 04.05.2022 recorded by NCB, Hyderabad Sub Zonal Unit against Aashish Jain wherein it was alleged that he was running an illegal internet pharmacy business from the premises of M/s J R Infinity Private Limited and was illegally exporting psychotropic substances in tablet form like Alprazolam, Zolpidem, Lorazepam, Clonazepam, Hydrocodone, Oxycodone etc. in the guise of providing telemarketing call centre services and ‘search engine optimization services.
Search operations conducted by NCB at the premises of the accused led to the seizure of Indian & foreign currency amounting to Rs. 3.72 Crore approx. as well as incriminating evidence regarding illegal export of psychotropic substances. ED investigation revealed that Aashish Jain incorporated M/s JR Infinity Pvt. Ltd. for illegally exporting psychotropic substances such as Alprazolam, Tramadol, Diazepam etc. to overseas customers in violation of the provisions of the NDPS Act,1985 and thereby acquired proceeds of crime. Investigation also revealed that even prior to incorporation of M/s JR Infinity Private Ltd., Aashish Jain and his family members received foreign inward remittance of more than Rs. 4.50 Crore in their personal bank accounts, without any genuine business and against illegal sale of drugs abroad. The total Proceeds of Crime (POC) identified in the case during PMLA investigation is Rs. 12.76 Crore (approx.).
ED investigation revealed that the POC were utilized for creation of Fixed Deposits and purchase of several immovable properties in the name of Aashish Jain and his family members. The attached immovable properties are in the form of land parcels in the name of Aashish Jain & his family members located at Indore, Madhya Pradesh and valued at Rs. 6.52 Crore (approx.). The movable properties are in the form of bank balance and fixed deposits valued at Rs. 1.46 Crore (approx.). in the name of Ashish Jain and his family members. Further investigation is under progress.
