Alleged FEMA violations: ED raids Forex firms in Mumbai, seizes Rs 4.6 crore in foreign currency

3 hours ago 1

FEMA The searches targeted the premises of aggregate Full Fledged Money Changers (FFMCs), including M/s Kuntilaa Forex (KFPL), M/s Shagun Enterprises, M/s Capital India Finance, and M/s MDB Tours and Forex, nether the provisions of the Foreign Exchange Management Act (FEMA), 1999.

The Directorate of Enforcement (ED), Mumbai Zonal Office, conducted a bid of hunt operations astatine 5 locations successful Mumbai connected Thursday successful transportation with a suspected lawsuit of amerciable overseas speech transactions.

The searches targeted the premises of aggregate Full Fledged Money Changers (FFMCs), including M/s Kuntilaa Forex (KFPL), M/s Shagun Enterprises, M/s Capital India Finance, and M/s MDB Tours and Forex, nether the provisions of the Foreign Exchange Management Act (FEMA), 1999.

During the operations, ED officials said they seized a important haul of incriminating evidence, including physics devices, overseas currency from aggregate countries worthy Rs4.6 crore and Indian currency amounting to Rs 4 lakh.

The cognition follows an probe triggered by antithetic fiscal activities wrong the Forex concern of KFPL during the 2022–2023 fiscal year. The ED probe revealed that the slope accounts of KFPL, MDB Tours and Forex Pvt Ltd, and different linked entities were being utilized to deposit ample sums of currency and person funds from assorted unverified sources.

First uploaded on: 08-11-2024 astatine 22:15 IST

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