Enforcement Directorate raids Kings Group, 7 locations in Hyderabad under Foreign Exchange Management Act case, seizes Rs 78 lakh

The Enforcement Directorate on Tuesday carried out searches at seven locations in and around Hyderabad linked to Kings Group of companies and its associated entities under the provisions of the Foreign Exchange Management Act (FEMA), 1999.

The probe agency conducted an investigation based on information that Kings Group of companies represented by Mohammed Shahnawaz and Mohammed Zubairuddin, in association with other individual entities, have made various overseas investments, including in the UAE and the UK in contravention of FEMA provisions.

Intelligence also indicated their involvement in illegal foreign exchange through the hawala network.

ED searches led to the seizure of digital devices, unaccounted cash worth Rs 76.5 lakh, foreign currency worth around Rs 1.5 lakh. Incriminating documents evidencing foreign investments, association with overseas entities and foreign bank accounts were also recovered.

Further investigation is under progress.

Published By:

Shweta Kumari

Published On:

Feb 16, 2024

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *