Hawala: ED seizes Rs 1.77 cr cash, FDs from dealer in Punjab

Enforcement Directorate (ED) today conducted searches on the premises of a forex dealer based in Kapurthala in Punjab on charges of running alleged hawala trade and seized cash and financial assets worth Rs 1.77 crore.
Sources in the agency said the searches were conducted at a foreign exchange dealer in Bholath town in the said district and sleuths seized foreign currency worth Rs 26 lakh, Indian currency worth Rs 81 lakh and fixed deposit receipts of Rs 70 lakh after the operation.
"The searches were conducted under the Foreign Exchange Management Act and it is suspected that the official money changer firm was allegedly indulging in hawala trade. The total value of cash and FDs is Rs 1.77 crore," they said.

Hawala is the illegal way of routing large amount of illegal funds by skirting official banking channels.
The agency is questioning the owners of the firm to probe the larger angle and the source and destination of the suspected funds, they said.