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ED seizes foreign, Indian currencies worth Rs 1.83 crore in Jaipur

Press Trust of India  |  New Delhi 

The (ED) Friday said it has busted an illegal foreign transaction racket with the seizure of Indian and foreign currencies worth Rs 1.83 crore from a Jaipur-based operator.

"Harish Bhatija of Harish Forex (P) Ltd., is authorised by the RBI for legal purchase and sale of foreign currency, but in the garb of this authorisation, the owner was running a racket of illegal collection of foreign currency," the agency said in a statement.

It said sleuths of the agency's zonal unit detected that illegally collected or acquired foreign currencies were being "sent to other cities like Ahmedabad, among others by Bhatija with the help of his employee Kamal Bhandari".

It was detected, the agency said, that the courier used to take such illegally collected foreign currencies to various cities using public bus or train.

Bhandari was apprehended Thursday in with currencies of 11 countries, including USD and Euro, worth Rs 60 lakh and subsequently the office and residence of Bhatija were searched that led to the recovery of foreign currencies worth Rs 33 lakh and Indian of Rs 90 lakh.

The total value of the currencies seized is Rs 1.83 crore and a case under the Foreign Exchange Management Act (FMA) has been filed, it said.

"Incriminating documents and reflecting illegal dealings in foreign exchange were also recovered and seized during the course of searches," the agency said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, March 15 2019. 19:00 IST
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