ED raids Hawala trader in Delhi, Rs 3cr cash seized

Last Updated: Wednesday, June 11, 2014 - 20:57

New Delhi: Enforcement Directorate (ED) sleuths on Wednesday conducted searches at the premises of an alleged Hawala dealer and seized about Rs 3 crore in cash from tony market places in the capital.

The agency has detained the dealer and a couple of his associates for questioning under the provisions of the Foreign Exchange Management Act (FEMA), official sources said.

The sources said the suspected dealer was indulging in large-scale trade-based Hawala transactions from his office in the Karol Bagh area, locations in Connaught Place and few other residential premises.
A little over Rs three crore in cash, documents and software-based data have been seized during the day-long operation which was on till late in the evening, the sources said.

Nine premises were covered in the operation, they said.

The dealer, the sources said, used to route illegal amounts of cash from business entities in Delhi and transfer them to foreign destinations bypassing the legal banking route.
The suspect dealer and his associates were transferring these illegal funds which are suspected to be derived largely from regular businesses in jewellery and other similar high-value trades, the sources added.

The agency has detained the dealer and a couple of his associates for questioning under the provisions of the Foreign Exchange Management Act (FEMA).

PTI

First Published: Wednesday, June 11, 2014 - 20:57

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