ED raids seven places in Hyderabad in Foreign Exchange Management Act case, seizes Rs 78 lakh

Hyderabad (Telangana) [India], February 15 : The Enforcement Directorate has carried out searches at seven locations in and around Hyderabad linked to the Kings Group of companies and its associated individuals and entities under the provisions of the Foreign Exchange Management Act (FEMA), 1999 and seized both Indian and foreign currency amounting to Rs 78 lakh, the agency said on Thursday.
The agency conducted these searches on February 13 in connection with its ongoing investigation initiated based on information that the Kings Group of companies represented by Mohammed Shahnawaz and Mohammed Zubairuddin, in association with other individuals and entities, have made various overseas investments, including in the United Arab Emirates and the United Kingdom, in contravention of FEMA provisions.
"Intelligence also indicated their involvement in illegal foreign exchange through the hawala network," said the federal agency.
ED searches led to the seizure of digital devices, unaccounted cash of Rs 76.5 lakhs; foreign currency worth around Rs. 1.5 lakhs; incriminating documents evidencing foreign investments, association with overseas entities and foreign bank accounts. Incriminating documents related to domestic as well as international hawala worth several crores and benami properties were also recovered and seized.