Driving Naari Programme launched in Chandigarh
Chandigarh, Pal Pabla, a Nawanshahr-based foreign exchange dealer, who allegedly tried to defraud the Enforcement Directorate (ED) by encashing fixed deposits (FDs) amounting to Rs 1.05 crore, surrendered last evening. His remand was extended by the Jalandhar duty magistrate till tomorrow.
The “hawala operator” is believed to have links with the owners of Jalandhar-based Happy Forex from whom the ED had recovered “hawala” money totalling Rs 1.25 crore in 2012.
During preliminary investigation, Pabla reportedly confessed that he had procured duplicate copies of the FDs from four banks in Nawanshahr, encashed these and fled along with his family members on September 8. He said he had invested Rs 60 lakh of the money in a property in Hoshiarpur and deposited the remaining amount (Rs 45 lakh) in banks.
The ED had raided Pabla’s house and office premises on September 5 and seized the FDs. After Pabla fraudulently withdrew the money from banks, the ED lodged a complaint with the Nawanshahar police and Pabla was booked under Sections 420 and 120-B. The Nawanshahar SP, Gaganajit Singh, sent police parties to trace Pabla as ED sleuths kept a watch on his home. Sources said that Pabla surrendered before the ED after he realised that there was no escape for him.
On September 7, Pabla had submitted “false” affidavits in various banks, claiming that the FDs had been stolen from his house and that he was in dire need of the money. On the basis of these affidavits, the banks had handed over the cash to him.
The ED had registered another case against Pabla under the PMLA (Prevention of Money -Laundering Act), treating the FDs as “proceeds from the crime”.
Pabla’s “hawala” operations had come to light after ED officials scanned documents seized from the owners of Happy Forex.
About the fraud
The ED had raided Pabla’s house and office premises in Nawashahr on September 5
It had seized FDs for Rs 1.05 crore. But Pabla fraudulently withdrew the money from banks
He allegedly submitted false affidavits to the banks in this regard on September 7
The ED had registered another case against Pabla under the Prevention of Money Laundering Act
Pabla’s ‘hawala’ operations had come to light after ED officials scanned documents seized from the owners of Happy Forex
