Click to play videoNew Delhi: Fifty-year-old Naresh Kumar Jain can be called the perfect white-collared criminal. He is a class 10 passout but has hawala operations reportedly worth over Rs 5,000 crore spread over four continents. He is also allegedly known for links with drug traffickers in Italy, Dubai and the US.
Jain was arrested in Dubai in February 2007 for money laundering operations. The Drug Enforcement agency in the US had forfeited $4.3 million in 16 bank accounts belonging to Jain.
A case of money laundering of proceeds of drug trafficking is also registered against him in Italy.
Jain, whose family lives in a posh locality in Delhi, migrated to Dubai in 1995. He started a firm dealing in steel scrap and pulses which reportedly acted as a base for all his notorious activities.
Earlier this year, Enforcement Directorate (ED) booked Jain for violating the Foreign Exchange Management Act and the Prevention of Money Laundering Act. On Sunday, the Narcotics Control Bureau arrested him on the basis of intelligence inputs.
The Narcotics Control Bureau has only seized some documents from his possession, but in the next few days Jain will be jointly interrogated by several intelligence agencies to gather more evidence.
Jain never carried out any of his alleged hawala operations from Indian soil. Infact there are hardly any cases against him in India. This is why it is probably going to be very difficult for security agencies to nail him in a court of law.
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