NEW DELHI: The Enforcement Directorate has seized Rs 4.25 crore in cash after raids in Delhi and Jaipur on alleged hawala dealers using shell firms to transfer crores of rupees abroad, the agency said on Friday.
It said it raided Kailash Khandelwal and his brother Kamal Khandelwal under the Foreign Exchange Management Act (FEMA).
The ED said in a statement that the brothers and their other operators based in the country and in Dubai “used to arrange foreign currencies like USD, Pound, RMB, and Euro among others at various locations abroad on demand by Indian nationals and also by people residing in India.”
The agency searched 9 premises linked to them in Delhi and Jaipur and seized Rs 4.25 crore in cash and “incriminating documents reflecting transactions through shell companies in India and Hong Kong.” (AGENCIES)
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