India News | ED Seizes Rs 1.27 Cr Cash After FEMA Raids Against Rajasthan Hospitality Group
Get latest articles and stories on India at LatestLY. The Enforcement Directorate on Friday said it has seized Rs 1.27 crore in "unaccounted" cash in three-day-long searches against a Rajasthan-based hospitality group and its promoters for alleged violation of the foreign exchange law.
New Delhi, Sep 1 (PTI) The Enforcement Directorate on Friday said it has seized Rs 1.27 crore in "unaccounted" cash in three-day-long searches against a Rajasthan-based hospitality group and its promoters for alleged violation of the foreign exchange law.
The searches that began on August 29 raided several locations in Jaipur, Udaipur, Mumbai, and Delhi in connection with the case involving Triton Hotels & Resorts Pvt Ltd, Vardha Enterprises Pvt Ltd, and its directors and promoters Shiv Shankar Sharma, Rattan Kant Sharma and others, the agency said in a statement.
The searches, launched under the provisions of the Foreign Exchange Management Act (FEMA), ended on Thursday.
Rattan Kant Sharma is alleged to be an old business partner of a relative of a top politician in Rajasthan.
The agency said it took action in the case acting on the basis of "credible information that Triton Hotels & Resorts Pvt Ltd received FDI from Shivnar Holdings Ltd Mauritius at a huge premium which was revised several times violating FEMA provisions."
"Information further revealed that Triton Group has been involved in hawala transactions having cross- border implications," it alleged.
The agency seized Rs 1.27 crore in unaccounted cash, various "incriminating" documents, including digital evidence, hard disks, and mobiles which reveal large-scale transactions done by the group out of the books of account, the ED said.
It added that "unaccounted" cash receipts have been invested in development of hotels.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)