Telangana Hyderabad - ED unearths human hair racket worth Rs 11.78 crores
On Tuesday, march 5, during an investigation into money laundering against Nayla Family Exports Private Ltd, located in the city, Enforcement Directorate (ED) agents discovered a human hair racket valued at Rs 11,793 crores. The ED launched an anti-money laundering investigation against the company in 2021, alleging forgery, impersonation, and benami import-export codes (IECs). The ED searched the whole country in february 2022 and found evidence of a covert operation involving the shipment of hair to Myanmar.
The scheme reportedly used a three-way corridor that connected hyderabad, Mizoram, and Myanmar. Human hair was shipped to nations where alopecia or severe hair loss issues were prevalent. China, Myanmar, Bangladesh, and vietnam are a few of them. According to the TOI, the entire operation will be conducted via hyderabad Airport or other land routes.
Modus operandi
Benami import-export codes (IECs) were employed in the activities and transactions of The Nayla Family Exports. The company created dummy businesses and sold hair for a discount. A fresh import-export code is generated and the shell firm is immediately destroyed upon discovery by ED or income tax authorities.
Through this approach, the business is said to have made an astounding Rs 8,000 crore a year. Moreover, a total of Rs 2,491 crore in cash was transferred via many pathways into other accounts from the Rs 11,793 crore discovered.
Through this approach, the business is said to have made an astounding Rs 8,000 crore a year. Moreover, a total of Rs 2,491 crore in cash was transferred via many pathways into other accounts from the Rs 11,793 crore discovered.