ED seizes cash and foreign currency in forex probe against toy seller in Goa
New Delhi: The Enforcement Directorate (ED) has seized foreign and Indian currency along with records linked to illegal forex dealings during searches at the premises of Loja Shamu, a leading toy seller dealing in teddy bears, plastic guns, and other play items.
The agency stated that the raids led to the recovery of foreign currency equivalent to Rs 3 lakh, Indian currency worth Rs 13 lakh, as well as incriminating chits and documents detailing unaccounted forex transactions.
ED’s Panaji Zonal office conducted raids at 22, Mapusa Municipal Market, Mapusa in Goa on September 26 under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
ED said the action was initiated based on specific input received from the Airport Customs, Goa, regarding the seizure of Foreign Exchange worth approximately 35000 USD.
“Initial examination of the digital evidence has revealed telephonic chats and communications which indicate that the shop owner was engaged in unauthorised dealings in foreign exchange, with the total value of such transactions estimated to be around Rs 2-3 crore,” said the ED in a statement.
The seized material provides strong evidence of systematic illegal forex trading in violation of the provisions of FEMA, 1999.
“The seized records and devices are under detailed examination to identify the wider network of individuals and entities involved,” added the agency.
(Source: ANI)
