Officials of the Enforcement Directorate raided four foreign exchange traders in Sector 35 and seized incriminating documents, allegedly pertaining to illegal financial transactions to the tune of “hundreds of crores” of rupees late on Thursday evening.
The agency also seized unaccounted Indian and foreign currency worth around Rs 60 lakh and booked two traders for Foreign Exchange Management Act violations.
ED sources said that this was one of the biggest seizures in the city as the recovered documents pointed to hawala transactions over the last several years.
Sunil Bajaj and his brother Subhash Bajaj were booked under sections 3A and 3B of FEMA for alleged violations and illegal sale and purchase of foreign currency in their offices: SB Forex, Bajaj Enterprises, Sunil Medicos (an exchange shop running under the garb of a chemist shop) and Bajaj Money, all in Sector 35-D.
A team of ED officials from the agency’s zonal office in the city, led by Assistant Director Narendra Dhaka, conducted the searches.
The money seized from the Bajajs reportedly includes foreign currency of around 25 different countries, including the US dollars, Swiss francs, dinars, Euros, Singapore dollars and Ringgits.
For contravention of any provision or regulation under FEMA, the maximum penalty is three times the money involved. Sources said that the accused already had a few similar FEMA cases pending against them.
“Although the firm had been named by alleged druglord Jagdish Bhola earlier, this is a fresh case based on our recent intelligence and surveillance and has nothing to do with the drug trade. The accused are habitual racketeers,” sources said.
In a similar case, the ED had raided a medical-cum-foreign currency exchange shop in Sector 15 on June 26 and seized around Rs 1 crore, all of it unaccounted.