Hawala king with Rs 50 cr assets stayed on rent

Farooq Shaikh, who is suspected to have laundered over Rs 12,000 crore through hawala channels, would stay at a rented accommodation at Nagpada to dodge the authorities. However, the Enforcement Directorate (ED) has identified properties worth over Rs 50 crore owned by Farooque. He was arrested on Tuesday by ED from Mumbai airport. The agency has already attached Rs 18 crore from bank accounts and is searching for more properties.

Shaikh is giving the agency a tough time during the interrogation and is not co-operating with them at all. Terming him as a seasoned criminal, ED sources revealed that when he got a whiff that he might get caught at the Mumbai International Airport, while he was preparing to leave for Thailand, he dumped his baggage and three mobile phones at the airport. Shaikh also claimed to be a victim of mistaken identity and tried to get away from the officials, saying that the Farooq Shaikh which they are looking for stays in the same locality where he does. ED officials, however, did not fall prey to this trick.

He also told the agency that he doesn’t remember his wife’s name, mobile number and his PAN number. “He is trying to distract us and by dumping phones and not sharing any details like his IT return and PAN number, he is trying to make sure that we are unable to collect more evidence. However, we have got sufficient evidence to nail him. We have his Call details records, and several incriminating documents after searching his house. He has not filed any returns and has evaded other taxes as well,” said a senior ED official.

“Shaikh’s brothers are also in the business of hawala and he has accomplices. We have traced those accomplices and other people related to the case and we are questioning them (under process),” he added.

The ED officials are also probing the role of bank officials, who helped Shaikh in the scam. “We have identified those bank officials who are also under suspension and would question them soon,” said the official. Earlier too, Shaikh had a brush with authorities when he had imported knives in 2014. Several cases are registered against him. 

Shaikh was arrested in connection with a money laundering case against Stelkon Company and 12 other dummy companies indirectly run by him.