The Enforcement Directorate (ED) announced on Wednesday that it conducted searches at 14 locations in Kerala as part of an investigation into violations under the Foreign Exchange Management Act (FEMA). The searches were targeted at uncovering a network of hawala operators and illegal forex dealers operating in the state.
The ED’s action signifies their determination to crack down on financial irregularities and money laundering activities. The searches aimed to gather evidence and gather information about individuals involved in the illegal forex trade.
The investigation is expected to reveal the extent of the network’s operations and identify those responsible for FEMA violations. The ED’s efforts align with its mission to maintain the integrity of India’s financial system and ensure compliance with relevant laws and regulations.