ED Conducts Multi-City Raids, Seizes ₹1.27 Crore Cash In Triton Hotels & Resorts FEMA Violation Case

ED Conducts Multi-City Raids, Seizes ₹1.27 Crore Cash In Triton Hotels & Resorts FEMA Violation Case

During the search operations, unaccounted cash of ₹1.27 Crore, various incriminating documents and digital devices were seized.

Ashish SinghUpdated: Saturday, September 02, 2023, 12:32 AM IST
article-image
Enforcement Directorate (ED) | File Image

ED has conducted search operations from 29/8/2023 to 31/8/2023 at various locations in Jaipur, Udaipur, Mumbai and Delhi under FEMA, 1999 in the case of M/s. Triton Hotels & Resorts Pvt. Ltd., M/s. Vardha Enterprises Pvt. Ltd. and its Directors & Promoters Shiv Shankar Sharma, Rattan Kant Sharma & others. During the search operations, unaccounted cash of ₹1.27 Crore, various incriminating documents and digital devices were seized.

ED initiated an investigation on the basis of credible information wherein M/s. Triton Hotels & Resorts Pvt. Ltd. received FDI from M/s. Shivnar Holdings Ltd; Mauritius at a huge premium which was revised several times violating FEMA provisions. The information further revealed that Triton Group had been involved in Hawala transactions having cross-border implications. During the search operations, unaccounted cash of ₹1.27 Crore, and various incriminating documents including digital evidence, hard disks, mobiles etc. were seized which revealed large-scale transactions done by the group out of books of account. Unaccounted cash receipts have been invested in the development of Hotels. Further investigation is under progress.

RECENT STORIES

Chhattisgarh: 'People Involved In Cow Slaughter Will Be Expelled From Hindu Religion,' Says...

Chhattisgarh: 'People Involved In Cow Slaughter Will Be Expelled From Hindu Religion,' Says...

Chhattisgarh: AAP Leader Amar Agarwal Shoots VHP Block Co-ordinator

Chhattisgarh: AAP Leader Amar Agarwal Shoots VHP Block Co-ordinator

Chaos Erupts In Punjab Assembly as CM Bhagwant Mann's Symbolic Gesture of Locking Opposition Inside...

Chaos Erupts In Punjab Assembly as CM Bhagwant Mann's Symbolic Gesture of Locking Opposition Inside...

Chhattisgarh: 'Chintamani Maharaj Comes Clean As He Joins BJP,' Alleges Congress

Chhattisgarh: 'Chintamani Maharaj Comes Clean As He Joins BJP,' Alleges Congress

West Bengal: Election Commission's Full Bench Meets Political Parties & Authorities For Discussion...

West Bengal: Election Commission's Full Bench Meets Political Parties & Authorities For Discussion...