Massive Multi-State ED Raids Uncover Foreign Exchange Violations

The Enforcement Directorate recently seized Rs 30.50 lakh, along with various foreign currencies, during raids across multiple states. The agency conducted operations at 14 locations linked to Vuenow Marketing and others, suspecting irregular foreign remittances for services. The raids led to the confiscation of digital devices and crucial documents.

The Enforcement Directorate (ED) has recently completed a major operation, confiscating Rs 30.50 lakh along with 6,410 Euros, 3,062 USD, five Singapore Dollars, and 2,750 Swiss Francs. The federal agency announced on Thursday that this multi-state raid, executed under the Foreign Exchange Management Act (FEMA), 1999, also led to the seizure of digital devices and incriminating documents.

The well-coordinated search operations were carried out by multiple teams across fourteen locations, including Mohali in Punjab, New Delhi, Noida in Uttar Pradesh, Ghaziabad in Uttar Pradesh, and Mumbai in Maharashtra. These actions are part of an investigation into the substantial and irregular foreign inward remittances received by Vuenow Marketing Services Ltd, Vuenow Infotech Pvt Ltd, and Zebyte Rental Planet Pvt Ltd, ostensibly for providing database and data processing services.

Significant seizures were made at the office premises of these companies and the residences of key individuals associated with them, yielding both Indian and foreign currency. The raids, conducted on October 17, mark a crucial step in probing financial discrepancies related to foreign exchange violations. (ANI)

(With inputs from agencies.)