CHINESE APPS PROBE LEADS TO MONEY LAUNDERING THROUGH HUMAN HAIR EXPORTERS

On 27 Augut, Sakshi Post reported that an Enforcement Directorate investigation into a money laundering scam involving Chinese online betting applications led it to find hawala payments made to human hair merchants based in Telangana and Andhra Pradesh.  It was found that many domestic merchants were selling the raw hair to foreign merchants and this was smuggled out of India via road to Myanmar, and ultimately exported to China, where it was labelled as domestic Chinese hair and processed.  The Chinese traders would avoid import duty of 28% on import and also earn 8% export incentives at the time of export.

https://english.sakshi.com/news/crime/chinese-apps-probe-leads-ed-money-laundering-through-human-hair-exporters-ap-telangana

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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