Received foreign funds through hawala: ED

Tribune News Service

New Delhi, September 29

The ED in its report to the MHA on the dubious funds received by the PFI informed that it was operating money laundering fronts overseas, which included real estate and hospitality businesses in Kerala and in Abu Dhabi, officials said today.

As part of its investigation under provisions of the PMLA, it was found that the PFI had created a very well-knit structure in Gulf countries for raising funds and the collected amount was sent to India through hawala, the officials said, adding that the banned outfit was parking its illegally raised funds in a Kerala-based real estate firm so as to use it as and when required. Even the Central Board of Direct Taxes (CBDT) had found that the PFI had also collected ‘zakat’ (donations) from its wealthy supporters, the officials said.

“Investigating its finances, the CBDT had observed that its activities were not genuine. The source of deposits with respect to 36 bank accounts, out of 85 bank accounts of PFI, was not supported by the financial profile of the account holders. The CBDT, subsequently, withdrew/cancelled registration granted to PFI and cancelled (March 30, 2021) tax exemptions of the Rehab India Foundation (PFI NGO),” an official said.

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