ED Arrests Amit Aggarwal in Rs. 696 Crore Forex Remittance Scam

New Delhi: In a significant enforcement action, the Enforcement Directorate (ED) arrested Amit Aggarwal on 30th August 2025 under the Prevention of Money Laundering Act (PMLA), 2002. The arrest stems from an ongoing probe triggered by a Delhi Police Economic Offences Wing (EOW) FIR, which cited offences including cheating, forgery, and conspiracy under IPC Sections 420, 467, 468, 471, and 120B.

According to the ED press release, Aggarwal is accused of orchestrating a complex web of fraudulent entities using forged identity documents to launder funds abroad. The scheme involved remitting a staggering ₹696.69 crore to Hong Kong and Singapore under the guise of import payments and freight charges—although actual goods or services were not exchanged.

To facilitate the illicit transfers, forged Form 15CB and Form 15CA certificates—mandated under Indian tax laws for cross-border remittances—were used. Additionally, fake invoices, airway bills, and identity documentation were fabricated to deceive banking channels, enabling smooth credit entries and fund transfers. The ED investigation revealed that Aggarwal played a central role in creating and operating these shady entities, leveraging bogus identities and bank accounts to facilitate what appears to be a sophisticated money-laundering network.

Amit Aggarwal has been remanded into ED custody for seven days by the Special Court (PMLA) as the agency continues its investigation into the sprawling financial scam. More developments are expected as the investigation proceeds