KOCHI: The directorate of enforcement (ED) seized foreign currencies of 15 countries amounting to Rs 1.50 crore and unaccounted black money of at least Rs 1.40 crore in Indian denominations—proceeds from illegal foreign currency exchange—during a state-wide raids.
According to a statement issued by the ED, the agency conducted the searches under the Foreign Exchange Management Act (Fema) in 14 locations. The raids were part of the agency’s investigation against a network of hawala operators and forex dealers engaged in large scale money laundering to Dubai and other foreign destinations in the US and Canada.
The agency has seized at least 50 mobile phones and recovered chat and WhatsApp data of people sending money out of the country through illegal non-banking channels.
“These hawala operations were being conducted in these premises in the guise of forex money exchange, gifts shops, textile, jewellery shop and readymade garment shops. Some of the entities which were found to be key players in the syndicate included Suresh Forex, Ettumanoor Forex, Dubai Forex, Sangeetha Foreign Exchange, Crescent Trading, Hana Trading, Fornas Forex Pvt Ltd,” the ED said.
The searches were based on intelligence received by the ED. “The searches have also revealed that these persons and entities transacted in illegal exchange of foreign currency and are also involved in arranging cross border payments to Dubai, USA, Canada etc. through hawala and bypassing the legal banking channels,” the ED has said. The operators admitted illegal forex dealings without taking KYC or issuing bills, the agency said.
“The voice memos and WhatsApp conversations retrieved from the devices of these persons revealed the modus operandi of the hawala operations which run into multiples of crores of rupees. Additional data retrieved from the mobiles and electronic devices seized during searches are being analysed with the help of forensic experts for further operational analysis and to identify the larger racket of cross border hawala and the beneficiaries,” the statement said.
Further probe is on to trace other members of the syndicates and the beneficiaries.
According to a statement issued by the ED, the agency conducted the searches under the Foreign Exchange Management Act (Fema) in 14 locations. The raids were part of the agency’s investigation against a network of hawala operators and forex dealers engaged in large scale money laundering to Dubai and other foreign destinations in the US and Canada.
The agency has seized at least 50 mobile phones and recovered chat and WhatsApp data of people sending money out of the country through illegal non-banking channels.
“These hawala operations were being conducted in these premises in the guise of forex money exchange, gifts shops, textile, jewellery shop and readymade garment shops. Some of the entities which were found to be key players in the syndicate included Suresh Forex, Ettumanoor Forex, Dubai Forex, Sangeetha Foreign Exchange, Crescent Trading, Hana Trading, Fornas Forex Pvt Ltd,” the ED said.
The searches were based on intelligence received by the ED. “The searches have also revealed that these persons and entities transacted in illegal exchange of foreign currency and are also involved in arranging cross border payments to Dubai, USA, Canada etc. through hawala and bypassing the legal banking channels,” the ED has said. The operators admitted illegal forex dealings without taking KYC or issuing bills, the agency said.
“The voice memos and WhatsApp conversations retrieved from the devices of these persons revealed the modus operandi of the hawala operations which run into multiples of crores of rupees. Additional data retrieved from the mobiles and electronic devices seized during searches are being analysed with the help of forensic experts for further operational analysis and to identify the larger racket of cross border hawala and the beneficiaries,” the statement said.
Further probe is on to trace other members of the syndicates and the beneficiaries.
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