ED Cracks Down on Luxury Assets in Forex Case

The Enforcement Directorate has seized luxury vehicles, high-end watches, cash, and other valuables linked to a father-son duo involved in a forex case in Ahmedabad and Mumbai. The ED's actions follow investigations under the Foreign Exchange Management Act regarding prior gold seizures.

Luxury assets including four high-end cars and imported watches valued at Rs 1.5 crore were confiscated by the Enforcement Directorate (ED) after conducting fresh searches in a forex-related case. The seizures also included Rs 15 lakh in cash and other valuables, according to agency reports released on Monday.

The searches targeted properties connected to Mahendra Shah and his son, Megh Shah, in both Ahmedabad and Mumbai over two days. Mahendra Shah is a reputed share trader based in Mumbai. The ED has registered a complaint under the Foreign Exchange Management Act (FEMA), which takes into account prior legal actions initiated by the Directorate of Revenue Intelligence (DRI) and the Gujarat Anti-Terrorist Squad (ATS) regarding the seizure of 88 kgs of foreign gold.

According to the ED, the fresh swoop resulted in the confiscation of luxury vehicles such as a BMW X6M and Bentley Continental GT. Authorities also seized imported luxury watches from brands like Rolex and Cartier, financial documents, and cheque books linked to about 40 entities. Previous raids in April had resulted in a cash seizure amounting to Rs 23 lakh.

(With inputs from agencies.)