Professional Entry Operators for placing dirty money in banks

During the period of demonetization, Enforcement Directorate arrested one Chartered Accountant in connection with the alleged money laundering and illegal conversion of demonetised notes in connivance with Axis Bank officials. Rajeev Kushawah, a Chartered Accountant by profession was termed as one of the three entry operators.

What is Entry Operator ?

During the period of demonetization, Entry Operators emerged as the new profession for the Chartered Accountants who understands the process of laundering the money. Entry operator is the person who gives their clients an entry into the bank. In the money laundering terms, this is a placement technique, where the money is placed into the bank accounts with the help of multiple companies.

Placement of Demonetized Notes

Rajeev Kushwaha was one of the key entry operators during the period of demonetization in Delhi area. For the purpose of placement of demonetized notes were placed into various shell companies viz; Sunrise trading company, Himalaya International, R.D TradersĀ  having their bank accounts in Axis Bank Kashmere Gate branch. Rs 39 crores worth of cash was deposited during the demonetized note exchange period.

Layering transactions

These cash deposits were transferred to Beagle Marketing Private Limited via RTGS. When the directors are identified for the Beagle Marketing it was observed that Ram Charan who was another director of the company was the petty labourer and the company was controlled by Rajeev Kushwaha.

Integration

Thereafter on the instructions of the Jewellers and Rajiv Kushwaha, the funds were further transferred by way of RTGS from the account of M/s Beagle marketing to various Bullion Traders namely M/s Aadi Traders, M/s Siddhi Vinayak Jewellers, Tushar Jewellers etc in lieu of purchase of gold bars

Interesting Facts about Rajeev Kushwaha

  • Rajeev Kushawaha is the Chartered Accountant by profession.
  • On the MCA search it was observed that Rajeev was associated with 4 private limited companies and 2 Limited Liability Companies

One should not forget that Rajeev was a Chartered Accountant and one of the practice areas of a CA is to establish a new business entity. Possibility of Rajeev Being associated with other companies in the capacity of consultant to incorporation can not be ignored. As a Chartered Accountant, he was also associated with the incorporation of atleast 9 companies. Which are not reported in Media.

  • Some of the companies associated with Rajeev Kushwaha have the Directors by Name Sonu and Monu. Both Sonu and Monu were associated with 14 Companies each.
  • Riskpro Intelligence Analysis also reveals that there is a second level nexus between the lawyer Rohit Tandon and Rajeev Kushwaha due to the Delvin Corporation and the Directors associated with Delvin Corporation.
  • Riskpro Intelligence analysis also identified that there is a direct or indirect relationship of the Chartered Accountant Rajeev Kushwaha with those involved closely with one of the Heavyweight congress ministers from the state of Rajasthan.