The ED is investigating over 3,700 cases of money laundering and hawala transactions, involving tainted assets worth Rs 9,935 crore, as part of its action against black money generated post demonetisation, an official report today said. “The head of this demon (of black money) is the money of corruption and illegal wealth acquired through banking frauds. “A general review of the cases post demonetisation show that businesses and professionals have collaborated with each other to use shell companies for converting illegal wealth into legitimate assets,” the report said. “Even in real estate sector the money for investments has been coming through financial institutions using a maze of shell companies. The other most noted money laundering techniques used post demonetisation involved investment of tainted assets in foreign currency, real estate and benami assets, the report said.

Source: Hindustan Times November 09, 2017 12:11 UTC