NEW DELHI: The largest hawala network in the country has been identified by the Enforcement Directorate. Naresh Kumar Jain, who is wanted in six countries, has been arrested by ED officials.
Naresh Kumar was on the Jain Wanted list in USA, UK, Italy, Spain, Netherlands and UAE. Havala has been said to have supplied over Rs 1 lakh crore in the last five years to many underground gangsters, businessmen and drug mafia.
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Eid has identified more than 942 bank accounts and 554 shell companies used by Naresh Kumar Jain for smuggling money. Jian has used heavy business in Hong Kong, Dubai and Singapore to track down at least 337 foreign bank accounts.
61-year-old Naresh Kumar Jain, a native of Panipat, Haryana, fled India in 1995. He was in Dubai until May 2009, where he owned the Kumar Trading Company. His network, which later became involved in the Havala, spread to Europe and Africa.
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