New Delhi, M
New Delhi, Mar 5 (IANS): The Enforcement Directorate (ED) on Friday mentioned that it carried out searches at a number of areas in Mumbai and Goa on the premises of two Foreign exchange firms and their administrators in reference to a International Change Administration Act (FEMA) case on the suspicion of “trade-based hawala”.
An ED official right here mentioned company sleuths carried out searches at numerous areas of full-fledged cash changers (FFMC) located in Mumbai and Goa — on the workplace and residential premises of Sete Mares International Foreign exchange Pvt Ltd and Nemichand Khemraj Foreign exchange Pvt Ltd and their administrators.
The official mentioned that these firms had been engaged within the enterprise of international foreign money change.
These cash changers deposited large quantities of money within the financial institution accounts every day and remitted it by RTGS or NEFT to different FFMCs and picked up International foreign money in money which aroused suspicion in opposition to these firms.
“It’s suspected that these firms could also be concerned in commerce based mostly hawala and the FC collected by these firms had been smuggled in another country to settle transactions overseas,” the official claimed.
The official mentioned that in searches the ED seized money to tune of Rs 44.37 lakh and various foreign exchange amounting to Rs 9.55 lakh discovered to be in contravention of International Change Administration Act FEMA and Guidelines and Regulation made thereunder.
The official additionally mentioned that incriminating paperwork, laptops, cell phones, and so on containing data associated to hawala transactions, smuggling of international foreign money had been additionally recovered and seized through the search operation.