ED Raids Foreign Exchange Companies In Hyderabad Without RBI License
ED Targets Illegal Forex Operations Without RBI License
Multiple Companies Found Operating with Fake Documents and Bogus Permits
Hyderabad, Oct 17: Enforcement Directorate (ED) officials conducted extensive raids on foreign exchange companies operating illegally in Hyderabad.
The federal agency targeted several forex establishments that were allegedly running operations without proper RBI licenses and using fraudulent documentation.
ED officers carried out simultaneous searches at Prism, Garuda, Victory, and Vimalnath forex companies following complaints about unauthorized operations.
These establishments had previously come under scrutiny during RBI inspections, which revealed various irregularities in their business practices.
Therefore, the ED decided to launch its own investigation into these suspicious activities.
The raids uncovered that companies like Prism Forex Private Limited, Victory Forex, Travel Services Private Limited, and Digital Forex Private Limited were operating illegal money exchange businesses.
However, ED officials discovered these firms were conducting foreign exchange transactions without obtaining mandatory RBI approvals and were violating FEMA regulations.
During the comprehensive search operations, ED teams seized fake documents, laptops, mobile phones, cash worth Rs 11.99 lakh, and foreign currency valued at Rs 26.77 lakh.
The agency found evidence that these companies were systematically circumventing banking regulations while handling substantial foreign exchange transactions.
Meanwhile, the investigation revealed that several establishments had been using bogus permits to continue their operations despite lacking proper authorization.
Also, ED officials noted that these companies had been violating Foreign Exchange Management Act (FEMA) provisions through their unauthorized activities.
The enforcement agency emphasized that such illegal operations pose serious risks to the country’s financial system and foreign exchange reserves.
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