New Delhi, 28 October (H.S.): The Mumbai Zonal Office-I of the Enforcement Directorate (ED) has conducted searches at around 11 locations across Mumbai and Gujarat under the Prevention of Money Laundering Act (PMLA), 2002, as part of an investigation into the proceeds of crime and their subsequent transfer and layering.

According to the ED, Navin Gurunath Chichkar and other accused allegedly generated proceeds of crime through the sale of narcotic substances via an established international network. The substances included cocaine, hydroponic cannabis, LSD and cannabis-infused edible products. Most of these narcotics were allegedly smuggled into India from abroad.

The ED stated that the PMLA investigation against Navin Chichkar and others was initiated on the basis of cases registered by the Narcotics Control Bureau (NCB), Mumbai, and the Anti-Narcotics Cell (ANC) of the Navi Mumbai Police. These cases involved the seizure of substantial quantities of high-quality hydroponic cannabis, cocaine and unaccounted cash in Mumbai and Navi Mumbai.

During the investigation, it emerged that Navin Chichkar had invested a portion of the proceeds of crime in cryptocurrency. Investigators also found that money generated from drug sales was deposited directly with hawala operators, who subsequently transferred payments to Navin Chichkar in the form of USDT cryptocurrency or Thai baht.

During the search operation, the ED recovered several incriminating materials, digital devices and evidence linked to the laundering of proceeds generated from drug sales. The investigation further revealed that the accused allegedly transferred money derived from narcotics trafficking out of India through hawala channels and cryptocurrency. Evidence recovered during the searches has corroborated these activities, the agency said.

Further investigation into the case is underway.

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Hindusthan Samachar / Jun Sarkar