New Delhi [India], June 22 : Directorate of Enforcement (ED) has conducted searches at 14 locations in Kerala as part of an investigation against the network of Hawala operators and illegal Forex Dealers in the state of Kerala.
According to an official statement, the ED conducted searches on June 19, 2023, under Foreign Exchange Management Act (FEMA), 1999.
"The raids were conducted on the basis of intelligence gathered that the hawala operations were being conducted in these premises in the guise of Forex Money Exchange, Gifts Shops, Textile, Jewellery shop and readymade garment shops. Some of the entities which were found to be key players in the Hawala network and covered as part of the Search Operation are Suresh Forex, Ettumanoor Forex, Dubai Forex, Sangeetha Foreign Exchange, Crescent Trading, Hana Trading, Fornas Forex Pvt Ltd and their key managerial persons", the statement read.
The release further stated that a huge value of Assorted Foreign Currencies from more than 15 countries totalling approximately Rs 1.50 crore was seized.
"Also the huge sum of unaccounted Indian Rupees generated from illegal foreign currency exchange totalling approximately Rs 1.40 crore was also recovered and seized during the operation", the statement added.
Further, the searches have also revealed that these persons and entities transacted in illegal exchange of foreign currency and are also involved in arranging cross-border payments to Dubai, USA, Canada etc through Hawala and bypassing the legal banking channels.
The operators admitted illegal Forex dealings without taking KYC or issuing bills. The voice memos and WhatsApp conversations retrieved from the devices of these persons revealed the modus operandi of the hawala operations which runs into multiples of crores of rupees, the release stated.
As per the statement, additional data retrieved from more than 50 mobiles and electronic devices seized during searches is being analysed with the help of Forensic Experts for further operational analysis and to identify the larger racket of cross-border hawala and the beneficiaries.
The release added that further investigation in this matter is underway to trace other illegal forex dealers involved in hawala transactions.
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