Mumbai, October 23, 2026: The Enforcement Directorate (ED) is conducting searches at around half a dozen premises allegedly linked to Mumbai-based businessman and consultant Harish Dedhiya and his firm, Mega Millennium Private Limited, over suspected irregularities involving foreign exchange inflows from Dubai and Singapore and the alleged routing of funds through shell companies. The searches covered the company’s offices, the residences of Dedhiya and his wife, Dhara Dedhiya, in Mumbai and Delhi, and a farmhouse in Karjat, Maharashtra.
According to sources, investigators suspect that Dedhiya and entities associated with him allegedly received substantial foreign exchange remittances from overseas entities whose transactions are under scrutiny. The ED is examining the source of these funds, the nature of the underlying transactions and the channels through which the money entered India.
ED Probes Alleged Shell Company Network
The agency suspects that Dedhiya allegedly established a shadow network of front companies and incorporated multiple companies by appointing his office employees and other individuals as dummy directors. These entities are suspected to have received hundreds of crores of rupees within a year of their incorporation, with the funds subsequently routed through multiple shell companies to allegedly obscure the money trail.
The agency alleges that the company’s legitimate business structure serves as a front for a massive, undeclared shadow operation. According to federal investigators, the firm's primary day-to-day dealings involve managing an intricate network of shell companies led by dummy directors — often the promoters' own employees — to channel, layer and legitimise hundreds of crores in suspicious foreign exchange remittances flowing into India from entities based in Dubai and Singapore.
Cash, Valuables And Documents Seized
During the ongoing searches, the ED has recovered Indian and foreign currencies, along with valuables worth several crores of rupees, sources said. Investigators have also seized documents, corporate records and digital devices from the targeted premises, including the farmhouse in Karjat and the residences in Mumbai and Delhi.
The seized material is expected to help investigators reconstruct the movement of funds, examine the transactions between the companies and identify the beneficiaries of the suspected forex operations. The searches were continuing at the time of filing this report.
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Company’s Business Activities
Mega Millennium Services Private Limited officially operates within the wholesale electronic market, trading electronic components and acting as a commercial broker, alongside international import-export operations and business consulting.
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