The Enforcement Directorate in Bombay recently busted a 560 billion Yugoslav dinar racket and arrested five persons involved. Information given by some Vysya and UCO Bank officials revealed that 560 billion dinars—worth Rs 400 crore—had come in through the hawala channel and efforts were being made to transfer the amount to a bank account in the Bahamas. The amount was acquired by Yogesh Mehta and Dinesh Singh by way of compensatory payments against the import of electronic goods.
A third person, Rohit Mody, who was trying to deposit the money in a Bahamas bank, said he had received some of the money in Singapore and Los Angeles. Another accused, Satish Barot, confessed he wished to open a restaraunt in the Bahamas with his share of the profit.
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