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Enforcement Directorate conducts raids at 40 locations across country

Enforcement Directorate (ED) on Wednesday conducted raids at 40 locations across the country in order to crack down on black money held with currency exchanges, hawala dealers and others and seized around Rs 1.2 crore cash.
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Enforcement Directorate (ED) on Wednesday conducted raids at 40 locations across the country in order to crack down on black money held with currency exchanges, hawala dealers and others and seized around Rs 1.2 crore cash.

The ED’s multiple teams are conducting searches in various cities and as many as 100 sleuths along with police personnel are undertaking the search operation in the wake of the demonetisation of Rs 500 and Rs 1000 notes.

The agency officials are searching at least 16 locations in the eastern regions including six in Kolkata, two each in Bhubaneswar and Paradip (both in Odisha), Guwahati among others.

The CBI has also registered a case against a cashier working at a State Bank of Bikaner and Jaipur branch in Rajasthan for allegedly exchanging Rs 1,000 and Rs 500 notes for new ones worth more than Rs 1 crore post the demonetisation.  It was alleged that Yogendra Singh Merna, posted as Head Cashier, violated guidelines to allow exchange and deposit of scrapped notes. The CBI has registered a case of criminal conspiracy, cheating and under the provisions of the Prevention of Corruption Act against the Head Cashier and others.

The ED has filed filed a money laundering case against the officials of a private bank branch in Kashmere Gate area in Delhi, which was recently investigated by the Income Tax department on the charges of alleged irregularities in converting the scrapped currencies.

The agency has said that its is looking at instances of illegal exchange of old currency and stashing of new currency notes to perpetrate hawala and money laundering like activities.

ED is the central agency to enforce two laws – the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA).

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