ED Raids Multiple Locations Uncovering Massive Foreign Remittance Irregularities.
(Judicial Quest News Network)
On October 17, 2024, the Directorate of Enforcement (ED), Jalandhar Zonal Office, conducted extensive search operations at fourteen locations across Mohali (Punjab), New Delhi, Noida (Uttar Pradesh), Ghaziabad (Uttar Pradesh), and Mumbai (Maharashtra). These operations were carried out under the provisions of Section 37 of the Foreign Exchange Management Act (FEMA), 1999, as part of an investigation into substantial and irregular foreign inward remittances received by M/s Vuenow Marketing Services Ltd., M/s Vuenow Infotech Pvt. Ltd., and M/s Zebyte Rental Planet Private Ltd., purportedly in exchange for database and data processing services.
The searches targeted the office premises of these companies and the residences of key individuals associated with them. The operation led to the recovery and seizure of Indian currency amounting to Rs. 30.50 lakh, along with foreign currency consisting of 6410 Euros, 3062 USD, 5 Singapore Dollars, and 2750 Swiss Francs. In addition, digital devices and various incriminating documents were also seized under the provisions of FEMA, 1999.
The investigation is ongoing.
