Enforcement Enforcement Directorate
ED seizes assets in ₹569.03 crore forged software import fraud
This is a press release issued by the Directorate of Enforcement (ED), Visakhapatnam Sub-Zonal Office, announcing search operations conducted under the Prevention of Money Laundering Act (PMLA), 2002.
It details the seizure of assets and documents related to an alleged scheme involving illegal fund transfers abroad using forged software import documents.
Who it concerns: The document concerns Vaddi Mahesh, Bhimendra Kumar Goyal, Pawan Kumar Ralli, Ashish Todi, and their associates; the Income Tax Department (complainant); M.V.P. Police Station, Visakhapatnam; and the Directorate of Enforcement (ED).
What the ED says it did
- ED conducted search operations at 7 premises in Delhi and Kolkata under PMLA, 2002.
- Investigation was initiated based on an FIR registered by M.V.P. Police Station, Visakhapatnam, on complaint of the Income Tax Department against Vaddi Mahesh and others.
- Accusations include conspiring to create forged documents to make foreign outward remittances through banks.
- It is stated that Rs. 569.03 crore was transferred to companies in Singapore, Hong Kong, and China for 'customized software' imports, but no software was imported and invoices were fabricated.
- Bhimendra Kumar Goyal is described as a habitual offender detained thrice under COFEPOSA, accused of smuggling goods into India by evading customs duty.
- Funds received by Vaddi Mahesh's shell companies from 2014-2017 were remitted abroad on instructions from Bhimendra Kumar Goyal.
- Proceeds were parked in dormant or newly incorporated companies in Singapore and Hong Kong held by nominee directors, then transferred to accounts of Bhimendra Kumar Goyal and his family companies (M/s Swiss Fox Pte Ltd, M/s Bhav Technology China Limited).
- Bhimendra Kumar Goyal and Pawan Kumar Ralli are accused of operating fake firms (M/s Mehak Overseas, M/s Karan Overseas, M/s Geet Enterprises) in New Delhi.
- Part of the proceeds was diverted through M/s Village Handicraft Export and received in M/s Eagle Mount Trading Pte Ltd, Singapore, beneficially owned by Ashish Todi.
- The proceeds of crime are prima facie estimated at approximately Rs. 1,500 crore.
- Searches resulted in the seizure of INR 47 Lakh in cash, USD 5,900, 2,200 AED, 5,600 RMB/CNY, incriminating documents, and digital devices.
Also in the document
- The ED states that Bhimendra Kumar Goyal misused the Customs Transit Declaration Scheme available for Nepal to smuggle goods.
- The document notes that further investigation is under progress.
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The original document
Enforcement Directorate — Attachments, arrests and prosecution complaints under PMLA and FEMA
Press release · Ref. 50867b8177ceb9aa · 2 Nov 2026
Read it here
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