ED Raids Uncover Massive Offshore Hawala Networks

The Enforcement Directorate conducted raids in Delhi and Goa targeting hawala operators, linked to undisclosed assets in Dubai. The operation, under FEMA, seeks to unveil illegal foreign remittances. Anil Ambani faces a probe tied to alleged illegal remittances and offshore activities, with significant funds reportedly routed to Dubai.

The Enforcement Directorate (ED) launched widespread raids across Delhi and Goa on Friday, targeting key figures in a hawala operation. These coordinated searches, beginning early morning, were executed in collaboration with local police forces, focusing on suspects involved in illegal money transfers.

According to officials, ED's central unit conducted these raids under the Foreign Exchange Management Act (FEMA) to investigate undisclosed properties in Dubai allegedly owned by Indian citizens. The aim is to trace unauthorized foreign remittances and investments made through these informal channels.

Authorities suspect that funds were illicitly moved outside the country in breach of FEMA regulations, subsequently funding expensive asset acquisitions in Dubai. These efforts form part of a large-scale crackdown on undeclared offshore holdings tied to hawala and shell companies.

In a parallel development, industrialist Anil Ambani has been summoned by the ED to appear at its headquarters in Delhi on November 14. This summons is part of a probe into alleged illegal foreign remittances and concealed international assets involving Ambani and entities within the Reliance Anil Ambani Group (RAAG).

One particular focus of interest is an alleged Rs 40 crore diversion from a highway project in Rajasthan, purportedly funneled through shell companies to Dubai, revealing a broader hawala network exceeding Rs 600 crore. The inquiry has extended to multiple locations tied to Reliance Infrastructure Limited, underlining the magnitude of alleged foreign currency violations. (ANI)

(With inputs from agencies.)