The Enforcement Directorate (ED) in Kochi, India has seized foreign currencies from 15 countries, amounting to INR 1.50 crore, in addition to INR 1.40 crore of unaccounted black money in Indian denominations. The funds were proceeds from illegal foreign currency exchange. The ED conducted searches in 14 locations across the state, as part of an investigation into a network of hawala operators and forex dealers engaged in large scale money laundering to Dubai, the United States, and Canada. Key players in the syndicate include Suresh Forex, Ettumanoor Forex, Dubai Forex, Sangeetha Foreign Exchange, Crescent Trading, Hana Trading, and Fornas Forex. The operators admitted to illegal forex dealings without taking KYC or issuing bills. Searches also yielded 50 mobile phones containing data of people sending money abroad through illegal non-banking channels. The agency is continuing to investigate the cross-border hawala racket and its beneficiaries.
Enforcement Directorate confiscates INR 2.9 crore in Indian and foreign currency in Kochi
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Updated: [falahcoin_post_modified_date]
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