Ranchi, Dec 2: The Enforcement Directorate (ED) on Tuesday carried out major raids in Ranchi in connection with a FEMA-related case. Officials conducted a search at the office of chartered accountant Naresh Kejriwal located in the Church Complex, acting on information about suspected violations of the Foreign Exchange Management Act involving foreign currency transactions.
Raids began early this morning around 6 am at multiple locations linked to Kejriwal and his family.
As per reports, the ED simultaneously searched premises in Ranchi, Mumbai and Surat. The action follows irregularities detected during investigations into overseas investments. This is being described as the first major FEMA-based action by the ED in Jharkhand.
The probe comes following an Income Tax Department investigation, which revealed that Kejriwal was allegedly controlling unidentified foreign shell companies operating in the UAE, Nigeria and the United States. These companies were reportedly being run from India despite appearing to be foreign entities.
As per reports, investigators found that more than Rs 900 crore in unexplained reserves had been parked in these shell firms. Nearly Rs 1,500 crore was allegedly routed back to India through fake telegraphic transfers.
Since these foreign assets were not disclosed in legal documents and the transactions indicated large-scale fund layering, the ED is focusing on gathering incriminating digital and documentary evidence related to these unauthorised cross-border dealings.
