Enforcement Directorate seizes Rs3.57 cr in raids on journey corporations

Tribune News Service
New Delhi, July 11

The Enforcement Directorate (ED) at present seized Rs 3.57 crore unaccounted money from a number of tour and journey corporations in a search performed below the Foreign Exchange Management Act (FEMA) in New Delhi and adjoining Ghaziabad.

Agency officers stated raids have been performed at eight totally different areas in New Delhi and Ghaziabad, together with residences and places of work of administrators of many tour and journey corporations and their chartered accountants (CAs), on July 9 and unaccounted Indian foreign money, together with a number of incriminating paperwork and digital data, have been seized.

“Investigations under FEMA were initiated against various entities on the basis of inputs that these were involved in unauthorised receipt of foreign remittances through payment gateways in the name of providing e-visa services to foreigners,” a senior ED official stated.

The probe performed within the instances have revealed that two such entities acquired overseas remittance of greater than

Rs 200 crore for processing Indian e-visa purposes of foreigners with none authorisation from the Government of India, stated the official.

These entities have been additionally concerned in excessive worth suspicious transactions. The probe has revealed that sure CAs performed a key position in managing the affairs of those entities.

The company stated Rs 3.57 crore seized through the search operations had additionally created suspicion in regards to the operations of such entities and their blatant violation of the statutory necessities.

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