Enforcement Directorate conducting searches under FEMA into ‘suspected hawala operator’

The Enforcement Directorate is conducting searches nether the Foreign Exchange Management Act (FEMA) linked to Naresh Kumar Kejriwal, a Ranchi-based Chartered Accountant and “suspected hawala operator”, on with his household members and associates crossed Ranchi, Mumbai, and Surat.

“The enactment is based connected the Income Tax Department findings revealing that Mr. Kejriwal controls undisclosed overseas ammunition entities successful the United Arab Emirates, Nigeria, and the United States-managed efficaciously from India, which person accumulated implicit ₹900 crore successful unexplained reserves and routed astir ₹1,500 crore backmost to India done bogus telegraphic transfers,” said an bureau source.

“As these overseas assets were not disclosed successful statutory filings and look to beryllium vehicles for large-scale illicit money layering, the hunt is captious to unafraid incriminating integer and documentary grounds of these unauthorised cross-border dealings,” the source said.