Shell companies in Singapore linked to money laundering operation in India

India's Enforcement Directorate said 1.23 billion rupees (S$19.9 million) have been frozen. - PHOTO: PIXABAY via The Straits Times/ANN

SINGAPORE (The Straits Tims/ANN): One of India’s law enforcement agencies has uncovered a money laundering operation involving fake invoices issued by purported shell companies in Singapore for software and other services.

The Enforcement Directorate (ED), which comes under India’s Ministry of Finance, said in a Feb 28 release that shell companies in India had paid the firms in Singapore using monies received from loan, gambling and betting apps controlled by “Chinese entities”.