India, Feb. 13 -- The Economic Offences Wing (EOW) of the Mumbai police has registered a case against an alleged hawala operator and his shell companies for siphoning off crores of rupees abroad using forged documents. Officials said the accused, identified as Madanlal Jain, is also under investigation by the Enforcement Directorate (ED) in a separate money-laundering probe.

According to the police, Jain floated multiple firms, Geeta Exim Private Limited, Vibha Exim Private Limited and Pehal Inpex Private Limited, claiming they were engaged in diamond trading and road construction. Investigators allege that between 2010 and 2015, these entities existed largely on paper and were used to route illicit funds overseas.

The FIR, registered o...