ED raids 15 locations of CA Naresh Kejriwal in FEMA violation case

Ranchi (The Uttam Hindu): The Enforcement Directorate (ED) on Tuesday conducted a major raid on chartered accountant CA Naresh Kejriwal and his family in Ranchi, the capital of Jharkhand. The raid was conducted in connection with alleged violations of foreign exchange regulations under the Foreign Exchange Management Act (FEMA). The ED raided his office in the Church Complex in Ranchi, as well as 15 locations in Mumbai and Surat.

This is the ED's first raid in Jharkhand under the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA). During the raid, the ED is examining foreign assets and their paperwork, as these assets are not reflected in legal documents, raising suspicions of money laundering. Through this action, the ED is gathering electronic and documentary evidence related to illegal cross-border transactions.

The ED initiated the investigation in this case based on an Income Tax Department report that alleged that Naresh Kejriwal and his family had invested large sums of money in foreign shell companies in countries like the United Arab Emirates, Nigeria, and the United States. However, the investigation revealed that these companies were actually operating from India. The ED operation began this morning, and along with Naresh Kejriwal, his family members and associates are also under investigation.