ED searches forex companies in Mumbai, Goa on suspicion of 'trade-based hawala'

3/5/2021

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The Enforcement Directorate (ED) on Friday said that it conducted searches at several locations in Mumbai and Goa on the premises of two Forex companies and their directors in connection with a Foreign Exchange Management Act (FEMA) case on the suspicion of "trade-based hawala".

An ED official here said agency sleuths carried out searches at various locations of full-fledged money changers (FFMC) situated in Mumbai and Goa -- at the office and residential premises of Sete Mares Global Forex Pvt Ltd and Nemichand Khemraj Forex Pvt Ltd and their directors.

The official said that these companies were engaged in the business of foreign currency exchange.

These money changers deposited huge amounts of cash in the bank accounts on a daily basis and remitted it through RTGS or NEFT to other FFMCs and collected Foreign currency in cash which aroused suspicion against these companies.

"It is suspected that these companies may be involved in trade based hawala and the FC collected by these companies were smuggled out of the country to settle transactions abroad," the official claimed.

The official said that during searches the ED seized cash to tune of Rs 44.37 lakh and assorted foreign currencies amounting to Rs 9.55 lakh found to be in contravention of Foreign Exchange Management Act FEMA and Rules and Regulation made thereunder.

The official also said that incriminating documents, laptops, mobile phones, etc containing information related to hawala transactions, smuggling of foreign currency were also recovered and seized during the search operation.

Source: IANS

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