ANI | Up to date: Mar 05, 2021 22:33 IST
ANI |
Up to date: Mar 05, 2021 22:33 IST
Panaji (Goa) [India], March 5 (ANI): The Enforcement Directorate (ED) on Friday mentioned that it has performed searches on the workplace and residential premises of three foreign exchange sellers and their administrators located in Mumbai and Goa and seized unlawful cash price Rs 44.37 lakh.
The dealing firms Full-Fledged Cash Changers (FFMC,) Sete Mares International Foreign exchange Pvt Ltd, Nemichand Khemraj Foreign exchange Pvt Ltd.
“The search resulted within the seizure of Rs 44.37 lakh and diverse foreign currency echange price Rs 9.55 lakh which was in contravention of International Alternate Administration Act, 1999 and Guidelines and Regulation made thereunder,” the ED mentioned in an announcement issued.
“Additional, incriminating paperwork, laptops, cellphones, containing data associated to hawala transactions, smuggling of overseas forex have been additionally recovered and seized throughout the search operation,” it added.
These firms, engaged within the enterprise of overseas forex change, had deposited big quantities of money within the financial institution accounts each day and remitted it by means of RTGS and NEFT to different FFMCs and picked up overseas forex in money which aroused suspicion towards these firms.
“It was suspected that these firms could also be concerned in commerce primarily based hawala and the foreign currency echange collected by these firms have been smuggled overseas to settle transactions overseas”, the ED mentioned.
Additional investigation into the matter is underway. (ANI)