The Aryavarth Express
New Delhi: The Enforcement Directorate (ED) on Tuesday carried out extensive searches across Jharkhand, Maharashtra, and Gujarat as part of an ongoing investigation under the Foreign Exchange Management Act (FEMA), officials said. The raids, which began early in the morning, were conducted in coordination with local police following actionable intelligence inputs.
According to officials, the searches are being conducted under Section 37 of FEMA and centre around Ranchi-based chartered accountant Naresh Kumar Kejriwal. He is suspected of playing a key role in an illicit hawala network and alleged diversion of foreign funds. Raids are underway at his residence and at locations linked to his relatives and associates in Ranchi, Mumbai, and Surat.
Senior officials said the ED launched the operation based on a comprehensive report submitted by the Income Tax Department. The report indicated that Kejriwal exercised financial control over a web of undisclosed offshore shell companies based in the UAE, Nigeria, and the United States. Despite being incorporated overseas, these entities were allegedly run from India and had no legitimate commercial activity.
Preliminary findings suggest that the offshore firms collectively held unexplained financial assets worth more than ₹900 crore. Investigators believe a substantial portion of this amount was illegally brought into India through fraudulent telegraphic transfers. Officials estimate that nearly ₹1,500 crore may have been channelled into domestic accounts using forged documents, layered corporate structures, and fake import-export records.
Authorities suspect these transactions form part of a larger hawala network enabling tax evasion, foreign exchange violations, and potential money laundering. They also noted that Kejriwal allegedly failed to disclose foreign holdings and related transactions in mandatory financial and tax filings.
During the searches, the ED is focusing on securing documents, digital records, transaction logs, and communication data that could help track cross-border fund flows and identify others involved. Officials said establishing the movement of offshore funds is crucial to proving the alleged large-scale financial layering and concealment of illicit proceeds.
The operation is expected to continue over the next few days as investigators analyse seized material and follow money trails across multiple jurisdictions. Further action will depend on the outcome of the scrutiny and forensic examination of digital evidence, officials added.
