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posted by: Preetha Mallick
Last updated: June 19, 2023, at 23:44 IST
Thiruvananthapuram, India
Jaisingani was arrested by the federal agency in April (File photo/IANS)
In the evening the Federal Investigation Agency launched the raids against entities allegedly conducting hawala transactions under the guise of foreign exchange trade, gift trade, textile and gold trade.
Official sources said that the Enforcement Department (ED) on Monday conducted searches in about a dozen locations in Kerala as part of an investigation against the network of hawala operators in the state.
The Federal Investigation Agency launched raids in the evening against entities allegedly conducting hawala transactions under the guise of foreign exchange, gift trade, textile and gold trade.
The sources said the searches are being conducted under the provisions of the Foreign Exchange Management Act (FEMA).
They said a “big racket” of forex dealers sending money via hawala to the Gulf states, the US and Canada were under the agency’s scrutiny.
The sources said that an unspecified amount of Indian and foreign currencies has been found in some “secret” safes, and the agency’s inspectors are checking the liquidity dumps.
Hawala refers to illegal and fraudulent KYC monetary transactions through banking and non-banking channels.
(This story was not edited by the News18 staff and was published from a syndicated news agency feed – PTI)
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