September 2, 2025

NEW DELHI: The Enforcement Directorate (ED) has taken a big step in cracking down on black money. On Saturday, ED arrested Amit Agarwal, who is accused of sending a whopping Rs 697 crore out of India to Hong Kong and Singapore. But wait — these money transfers were disguised as payments for imported goods and services that never actually reached India! This is no small fish story. Agarwal reportedly created a web of shell companies and opened numerous bank accounts to move this huge cash stack overseas. To make things shakier, fake identity papers were used to name directors and partners of these fake companies. Banks also have their fingers in this pie. Officials are under the microscope for approving these fake directors without meeting them in person and ignoring basic document checks. A special PMLA court has ordered a seven-day ED custody for Amit Agarwal. This will help ED dig deeper into the network and catch all those who gained from this cunning racket. This case shines a harsh light on how black money hides behind complex layers of fake firms and poor vigilance. The question is—how many more such sharks are swimming in the sea?

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Tags: Ed arrest, Black money, Money laundering, Shell companies, Rs 697 crore, Pmla court,