FEMA violation: ED raids across 7 places in Hyderabad
HYDERABAD: The ED on Thursday conducted searches at seven locations in and around Hyderabad linked to the Kings Group of Companies and its associated entities or individuals.
The ED initiated the raids based on information that the group had made several investments in the UAE and the UK. It received intelligence inputs that these investments, made by the company representatives Md Shahnawaz and Md Zubairuddin, in association with others, are said to be breaching the FEMA, 1999.
During the searches, the ED seized digital devices, Rs 76.5 lakh of unaccounted cash and foreign currency worth nearly Rs 1.5 lakh. Moreover, the ED also seized incriminating documents that indicated foreign investments and association with overseas entities and foreign bank accounts.
The officials also found benami properties and documents related to domestic as well as international hawala that are estimated to be worth several crores. Further investigation is underway.