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.
