ED seizes Rs. 1.3 cr in STIPL, MSPL money laundering case.

BY A STAFF REPORTER: The Enforcement Directorate carried out search operations at 19 locations across numerous states namely Delhi NCR, Haryana, Chandigarh, Punjab, and Gujarat on 21st December 2023 as a part of an ongoing investigation of Money Laundering case against Shinebay Technology India Private Limited (STIPL), Mpurse Services Private Limited (MSPL) and others reportedly owned and operated by Chinese nationals.

ED has conducted search operations on 21.12.2023 at 19 locations in Delhi NCR, Chandigarh, Haryana, Punjab and Gujarat as part of ongoing investigation under PMLA, 2002 against Shinebay Technology India Private Limited (STIPL), Mpurse Services Private Limited (MSPL) and others… pic.twitter.com/tJHxoJxl0G

— ANI (@ANI) January 3, 2024

The search operations, conducted under the Prevention of Money Laundering Act (PMLA), 2002, recovered, seized, and froze various complicit documents, digital records, and cash of Rs. 1.30 crores.

According to the sources, the probe also unveiled 'dummy directors' and local subscribers being deployed to operate on behalf of Chinese entities in India. 

The case roots back to an FIR filed in Karnataka's Bengaluru police and Telangana's Kazipet and Jangagaon police.