Under the terms of the Foreign Exchange Management Act (FEMA), 1999, the Enforcement Directorate searched seven sites in and around Hyderabad that were connected to the Kings Group of enterprises and its affiliated organisations on Tuesday.
Based on information that the Kings Group of companies, represented by Mohammed Shahnawaz and Mohammed Zubairuddin, along with other individual entities, had made a number of foreign investments, including ones in the UK and the UAE, in violation of FEMA provisions, the probe agency launched an investigation.
Information also suggested that they were using the hawala network to transact illicit foreign currency. Digital gadgets, unaccounted cash totalling Rs 76.5 lakh, and foreign currency worth about Rs 1.5 lakh were seized as a result of ED searches. Additionally, incriminating records proving international bank accounts, affiliations with foreign organisations, and foreign investments were found.
More study is now being researched.
, 1999, the Enforcement Directorate searched seven locations in and around Hyderabad connected to the Kings Group of enterprises and its associated companies.){kind=link}