ED Busts ₹700 Cr Money Laundering Scam via Forged CA Forms, Interpol Issues First Purple Notice
ED has busted a Rs. 700 crore money laundering scam using forged CA forms, prompting Interpol to issue its first Purple Notice for India.
The Enforcement Directorate (ED) has uncovered a massive Rs. 700 crore money laundering scam that relied on forged Chartered Accountant (CA) certificates and shell companies. The racket used fake documents to send funds abroad under the guise of import payments and has now led to Interpol issuing its first-ever Purple Notice for India.
The case began in 2020 when a Delhi-based CA received a query from ICICI Bank about a Form 15CB certificate that appeared to be issued by his firm. Form 15CB is a mandatory certificate signed by a CA to allow foreign remittances under Indian tax laws. The CA confirmed that the certificate was fake, which set off alarm bells and led to a detailed investigation.
According to ED officials, forged CAcertificates were used to transfer about Rs. 696.69 crore from India to Singapore and Hong Kong. The funds were shown as payments for imports of low-duty goods such as chips or for freight services, but in reality, no goods or services were supplied. This caused a huge loss of foreign exchange to India.
The probe revealed that 28 companies were involved, including 12 in India and 16 overseas. These shell companies were created using fake identities and documents. Their bank accounts were then used to move the money abroad. Several suspects were arrested including businessman Amit Aggarwal and his associates, who are accused of masterminding the fraud.
The ED also linked foreign firms like Infiniti Futures and Galaxy Holding in Singapore to the scheme, as they received large amounts of money through these transactions.
Because of the scale and unique method of the scam, the ED reported its findings to the Central Bureau of Investigation, which is India’s nodal agency for Interpol. On 21 August 2025, Interpol issued a Purple Notice.
This notice is used to share information among countries about the methods, tools, and concealment techniques used by criminals. It was the first time such a notice was issued based on an Indian case.
List of Indian Firms Used for Remittance (12 firms)
- Mizta Tradex Private Limited - New Delhi
- Kinzal Freight Forwarding (OPC) Private Limited - Acharya Niketan
- Wentorz Logistics Private Limited - Acharya Niketan
- Shree Shyam International - Acharya Niketan
- Balaji International - Acharya Niketan
- Liebe Freight Forwarding (OPC) Private Limited -Noida
- Aasha International - Acharya Niketan
- Vibrant Asia Logistics - Acharya Niketan, Mumbai
- Company name unknown - Acharya Niketan
- Vivek Overseas - Acharya Niketan
- J.P. International - Acharya Niketan
- Truzel Tradex Private Limited -New Delhi
The ED has called this a case of “trade-based money laundering,” where fake invoices, forged certificates, and shell companies are used to disguise illegal fund transfers. Investigations are continuing to trace the origins of the funds and the full network of people involved.
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