NEW DELHI: Probing a massive racket that involved laundering black money out of the country, ED Saturday arrested Amit Agarwal, who has been allegedly found to have used shell entities to send Rs 697 crore to Hong Kong and Singapore under the guise of import of goods and services, which were never received.Agarwal has been remanded in ED’s custody for seven days by a special PMLA court here, to investigate the network and identify the beneficiaries of the laundered funds. The accused had registered several shell entities and opened bank accounts to launder the money out of the country. Forged identity papers were used to name directors and partners, and bank accounts opened on the basis of the forged documents. Bank officials are also under the scanner for authenticating fraudulent directors without verifying them in person and for lack of due diligence of documents.