Fake fin transactions, illegal forex biz unearthed as skeletons tumble out of Ranya case

Bengaluru: The Enforcement Directorate (ED), probing the gold smuggling case, found several instances of financial irregularities, including fake transactions, layering through shell companies and false business payments linked with prime suspect Kannada actor Ranya Rao.

Well-placed sources in ED’s Delhi office revealed that Ranya’s network was so well established that she had people or entities to provide her with accommodation entries showing fake financial transactions and fake income from consultations.

Those identified by the investigators, as per sources, have confessed to routing funds into accounts held by Ranya. One example ED sources cited was of a company that showed Ranya to be the supplier of construction labour and was “paid a few crore rupees.” It also alleged that Ranya used other companies for laundering money.

In March, DH had exclusively reported that three firms registered in Ranya’s name were under the ED’s scanner. The firms were Ranya Rao Photography Pvt Ltd, Ayrus Greens Pvt Ltd and Ksiroda India Pvt Ltd.

Ksiroda India Pvt Ltd was in the news after it was revealed that a government order dated February 22, 2023, approved 12 acres of land in Sira Industrial Area, Tumakuru, to be allotted to the firm by KIADB, but was revoked due to a lack of payment.

It had sought the land after claiming to manufacture “steel products - TMT bars, rods and allied products.” The order also approved 30 cubic meters of water per day from the KIADB and 13 MW of power from BESCOM.

Furthering the investigation, ED also found that several individuals who facilitated the movement of illegal foreign exchange to procure gold and many of the suspects have admitted to having dealt with Ranya, and some buyers have confessed to buying gold from her and selling it to jewellers.

ED also identified suspects and entities that engaged in illegal forex business without RBI approval. Ranya, 33, was arrested on March 3 after she flew into Bengaluru from Dubai. According to the Directorate of Revenue Intelligence (DRI), she was found carrying 14.2 kg of foreign-origin gold bars worth Rs 12.56 crore on her person.