The Enforcement Directorate (ED) recently launched a series of coordinated raids in multiple Indian cities, including New Delhi, Mumbai, and Ahmedabad. These operations were initiated after South African authorities made a formal request for assistance, highlighting the growing international concern over illicit financial networks connected to the “State Capture” scandal. On Tuesday, ED officials carried out search operations targeting businessman Piyoosh Goyal, who is associated with the World Window Group, as well as the controversial Gupta brothers from South Africa. The raids were carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002, and were part of an effort to uncover the suspected laundering of large sums of money through shell entities and complex corporate structures.
According to investigators, the primary focus of the raids was to trace the flow of allegedly laundered funds that passed through several companies, including World Window Group, Sahara Computers, and ITJ Retails Pvt Ltd. During these operations, ED officials also intercepted and questioned Ram Ratan Jagati in Ahmedabad. Jagati has been described as a “key player” within the financial network under investigation. Authorities suspect that he played a crucial role in establishing a Dubai-based shell company named JJ Trading FZE, which was allegedly used to transfer illicit funds on behalf of both Goyal and the Gupta family. Officials stated that financial records, electronic data, and physical documents seized during the raids are currently being examined to reconstruct the money trail spanning India, South Africa, and the United Arab Emirates.
The Gupta brothers — Ajay, Atul, and Rajesh — originally hail from Saharanpur in Uttar Pradesh, India, but became infamous in South Africa due to their deep involvement in the country’s largest corruption scandal. Their close ties with former South African President Jacob Zuma allegedly gave them enormous influence over government contracts, official appointments, and state-owned enterprises. This phenomenon, often described as “State Capture,” effectively allowed them to exploit the system for personal enrichment at the expense of South Africa’s public resources.
In 2017, the release of the “#GuptaLeaks” emails exposed the inner workings of this scandal, revealing how the Guptas allegedly channelled kickbacks through front companies such as JJ Trading FZE. These revelations triggered widespread protests across South Africa and became a major contributing factor to Jacob Zuma’s eventual resignation from office. Following these developments, the Guptas fled South Africa in 2018 and initially took refuge in Dubai. Although Atul and Rajesh Gupta were arrested there in 2022, the UAE government later declined South Africa’s extradition request, leaving Pretoria frustrated and ultimately forcing it to classify the brothers as fugitives.
The Gupta family’s legal troubles did not end there. In May 2024, Ajay Gupta and his brother-in-law, Anil Gupta, were arrested in Uttarakhand, India, in connection with a case involving the alleged abetment of the suicide of a local builder. However, South African authorities clarified that their active warrants were only against Atul and Rajesh, not against Ajay or Anil, creating further complications in the ongoing international pursuit of justice.
The World Window Group, led by Piyoosh Goyal, has also come under increasing scrutiny in this case. What started as a small scrap trading firm in Delhi during the 1990s gradually evolved into a diversified conglomerate dealing with logistics, mining, and international trade. Around 2010, the group reportedly formed close business partnerships with the Gupta family. Officials allege that this relationship facilitated the creation of cross-border financial structures, enabling the movement of unaccounted money across different jurisdictions in a concealed manner.
Tuesday’s enforcement actions also highlight the strengthening ties between India and South Africa in their efforts to curb financial crimes that extend beyond national boundaries. Both governments are now working more closely to share intelligence, conduct joint operations, and pursue legal remedies against individuals and corporations accused of money laundering and corruption. Officials have indicated that the evidence collected during the latest raids could potentially lead to the freezing of bank accounts, attachment of assets, and further legal proceedings against those implicated. This cooperation not only marks an important step in international law enforcement but also signals a more determined stance against corruption and illicit financial activities that operate across borders.
