Mumbai Customs Busts Major Hawala Racket; Seizes Foreign and Indian Currency Worth Over ₹2 Crore

In a major breakthrough, the Rummaging & Intelligence (R&I) Unit of Mumbai Customs has busted a large hawala racket following a week-long intelligence-driven surveillance operation. Acting on specific inputs and persistent day-and-night monitoring, officers raided the premises of M/s H.M. Forex Pvt. Ltd. and uncovered a significant illegal foreign currency operation.

During the raid, officials seized foreign currency worth ₹7 lakh and Indian currency amounting to ₹2 crore from Hasan Mohammed Karodia, also known as Hasan Goga. Authorities also recovered suspected fake Indian currency, raising serious concerns about its potential circulation and wider implications.

Preliminary investigation has revealed that Hasan Goga was allegedly involved in the illegal acquisition, possession, and sale of foreign currency smuggled into India through carriers and workers returning from abroad. Officials have not ruled out the possibility of a terror funding angle at this early stage.

The accused was arrested on 26 November 2025 for offences under the Customs Act, 1962, in addition to violations of the FEMA Act. He was produced before the Honourable Esplanade Court, which remanded him to judicial custody.

According to Mumbai Customs, the seized currency has been confirmed as illegally smuggled into India, with ongoing investigations pointing towards links in the Middle East. Officials said the racket posed a serious threat to the nation’s economic security.

This operation is being hailed as the biggest currency-related seizure by Mumbai Customs in the last two decades, marking a significant milestone in its fight against illicit financial networks and hawala operations.