Enforcement Directorate Conducts FEMA Search Operations Against NRI Businessman in Karnataka
(Judicial Quest News Network)
Karnataka,23, June,2025-The Directorate of Enforcement (ED), Bengaluru Zonal Office, conducted a search and seizure operation under the provisions of the Foreign Exchange Management Act (FEMA), 1999, on 19.06.2025. The operation pertained to the case of Mr. Mohammed Iqbal and others, and was carried out at three premises located in the Udupi and Shimoga districts of Karnataka.
During the course of the searches, various documents and digital devices were seized, containing evidence indicative of FEMA violations.
Preliminary investigations have revealed that Mr. Mohammed Iqbal, a Non-Resident Indian (NRI) and Doha-based entrepreneur engaged in the manpower services sector, remitted approximately ₹70 crore over several years from five business entities based in Doha to his NRE/NRO accounts in India. The seized materials suggest that these funds were subsequently utilized in contravention of FEMA regulations, including but not limited to: issuance of loans to resident companies, investments in resident proprietorship firms involved in real estate, purchase of agricultural land, and advances extended for land acquisition and development of residential plots.
