Mumbai: The Enforcement Directorate (ED) Panaji Zonal Office, conducted a search operation at “Loja Shamu,” a illegal forex exchange shop located in Mapusa Municipal Market, Goa, under the provisions of the Foreign Exchange Management Act (FEMA), 1999, on September 26.
The action follows specific inputs from Airport Customs, Goa, regarding the seizure of foreign exchange worth approximately USD 35,000.
The ED stated in a press release on Monday that during the operation it seized foreign currency equivalent to around Rs. 3 lakh, Indian currency amounting to approximately Rs 13 lakh, incriminating chits, records of alleged illegal forex transactions, and two mobile phones.
Preliminary examination of digital evidence has revealed telephonic chats and communications indicating that the shop owner was involved in unauthorized foreign exchange dealings, with the total value of such transactions estimated at Rs 2–3 crore.
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“The seized material provides strong evidence of systematic illegal forex trading in violation of FEMA. The records and devices are under detailed examination to identify the wider network of individuals and entities involved,” an ED official said.
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