New Delhi (December 2, UNI): The Enforcement Directorate (ED) is conducting simultaneous raids at multiple locations linked to a Chartered Accountant and alleged hawala operator, along with his family members and associates, in Ranchi, Mumbai, and Surat. The action is part of a case involving Foreign Exchange Management Act (FEMA) violations connected to a suspected hawala network valued at over Rs 900 crore.
A senior ED official stated that the searches, authorised under Section 37 of FEMA, are targeting premises belonging to Ranchi-based CA Naresh Kumar Kejriwal, the alleged kingpin of the network, as well as locations of his relatives and associates.
The ED”s case is based on findings from the Income Tax Department. “The probe was triggered by Income Tax findings which revealed that Kejriwal controls undisclosed foreign shell entities in the UAE, Nigeria, and the USA. These entities, managed from India, have accumulated over Rs 900 crore in unexplained reserves and routed approximately Rs 1,500 crore back into India through bogus telegraphic transfers,” the official said.
“As these foreign assets were not declared in statutory filings and appear to be vehicles for large-scale illicit fund layering, the searches are critical to secure incriminating digital and documentary evidence of these unauthorised cross-border dealings,” the official said.
Further details are awaited.
ED launches multi-city raids on CA, Associates in Rs 900 cr hawala probe
