The Enforcement Directorate (ED) is conducting an investigation into three co-operative credit societies located in Ahilyanagar district, Maharashtra, and Vijayawada, Andhra Pradesh, for their alleged involvement in a money-laundering scheme amounting to ₹1,478 crore linked to Rajeshwar Exports Pvt Ltd. The probe follows recent searches that uncovered a network of illegal foreign remittances facilitated by these societies. According to the ED, individuals were enrolled as members of these societies, allowing the opening of bank accounts to transfer cash deposits into shell entities. These funds were then remitted abroad under the pretense of import-export transactions, concealing their true origin. Preliminary findings indicate that approximately ₹200 crore was funneled through these societies, with assets worth ₹58.16 crore provisionally attached. The investigation also highlights the role of bullion traders, whose transactions were allegedly used to mask the movement of funds. The ED's inquiry was initiated following a criminal complaint against businessman Ritesh Jain and others for conspiracy and creating shell entities. Investigators suspect that about ₹1,400 crore was routed through the firm's accounts in 2016-17 to overseas entities in Hong Kong, Dubai, and Thailand, with export proceeds exceeding ₹1,478 crore remaining unrealized, indicating the transactions were likely fictitious.