Alleged FEMA violations: ED raids Forex firms in Mumbai, seizes Rs 4.6 crore in foreign currency
The operation follows an investigation triggered by unusual financial activities within the Forex business of KFPL during the 2022–2023 financial year.
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The searches targeted the premises of multiple Full Fledged Money Changers (FFMCs), including M/s Kuntilaa Forex (KFPL), M/s Shagun Enterprises, M/s Capital India Finance, and M/s MDB Tours and Forex, under the provisions of the Foreign Exchange Management Act (FEMA), 1999.The Directorate of Enforcement (ED), Mumbai Zonal Office, conducted a series of search operations at five locations in Mumbai on Thursday in connection with a suspected case of illegal foreign exchange transactions.
The searches targeted the premises of multiple Full Fledged Money Changers (FFMCs), including M/s Kuntilaa Forex (KFPL), M/s Shagun Enterprises, M/s Capital India Finance, and M/s MDB Tours and Forex, under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
During the operations, ED officials said they seized a substantial haul of incriminating evidence, including electronic devices, foreign currency from multiple countries worth Rs4.6 crore and Indian currency amounting to Rs 4 lakh.
The operation follows an investigation triggered by unusual financial activities within the Forex business of KFPL during the 2022–2023 financial year. The ED probe revealed that the bank accounts of KFPL, MDB Tours and Forex Pvt Ltd, and other linked entities were being used to deposit large sums of cash and receive funds from various unverified sources.
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