Enforcement Directorate (ED) on Tuesday arrested alleged hawala operator Mohammed Farooq Sheikh in Mumbai, said people familiar with the knowledge.
The agency believes that Sheikh has laundered money over Rs 5,000 crore for different clients.
Sheikh allegedly used shell companies such as Stelkon Infratel Limited (SIPL) for allegedly making these remittances.
SIPL allegedly indulged in large-scale illegal foreign remittances under fraudulent imports of the goods during 2015 -16.
ED is now probing which companies and individuals was used by Sheikh to launder the money.
News report by TV 18: Input