New Delhi, Sept 29 (UNI) The Enforcement Directorate’s (ED) Panaji Zonal Office recently conducted search operations under the provisions of the Foreign Exchange Management Act (FEMA) at the premises of ‘Loja Shamu’, located at 22, Mapusa Municipal Market in Goa.
The action was initiated based on specific intelligence received from the Airport Customs in Goa regarding the seizure of foreign exchange worth $35,000.
During the search, foreign currency equivalent to approximately Rs 3 lakh, Indian currency amounting to Rs 13 lakh, incriminating chits and records of illegal forex transactions, and two mobile phones were seized.
An initial examination of the digital evidence revealed telephone chats and communications indicating that the shop owner was engaged in unauthorized foreign exchange dealings. The total value of such transactions is estimated to be around Rs 2-3 crore.
The seized material provides strong evidence of systematic illegal forex trading in violation of FEMA, 1999. The seized records and devices are undergoing detailed examination to identify the wider network of individuals and entities involved.
Further investigation into the matter is ongoing.
