The Enforcement Directorate has arrested a man from Mumbai for allegedly running a money laundering racket worth Rs 2,253 crore, The Times of India reported on Wednesday.

The agency arrested Mohammed Farooq alias Farooq Shaikh on Monday in Mumbai under the Prevention of Money Laundering Act. Farooq reportedly floated 13 companies to launder crores of rupees, according to the financial investigation agency.

The 13 firms remitted about Rs 2,253 crore to foreign destinations during 2015-’16 by submitting forged documents to banks, PTI reported. The directorate said that the actual bills of entry – a declaration by an importer or exporter about the value, nature and quantity of the goods – were only worth Rs 24.6 crore.

The 13 firms had fake addresses and had “dummy persons” on its board of directors. Farooq allegedly operated about 135 bank accounts and indirectly controlled the firms, officials said, adding that he was the kingpin of the scam.

“He [Farooq] is most likely privy to various confidential information, which will help in unravelling the truth behind the said scam,” said Enforcement Directorate prosecutor Hiten Venegaonkar, according to the Hindustan Times. He has been sent to the Enforcement Directorate’s custody till April 26.

Farooq has denied any links with the 13 firms.