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ED raids CA’s locations in Ranchi in foreign assets case
ED raids Chartered Accountant Naresh Kumar Kejriwal's properties, seizing ₹6.5 million in cash and gold, probing hawala links and undisclosed foreign assets.
An ED team on Tuesday conducted raids at the locations of city-based Chartered Accountant Naresh Kumar Kejriwal, including at GEL Church Complex and Panchwati Plaza in the heart of the city apart from his residence in Lalpur area, officials said.
During raids ₹6.5 million in cash and gold and silver coins worth ₹5.5 million were recovered. Evidence of money being transferred abroad through hawala was also found.
An ED official close to the matter informed that the action was taken under Section 37 of the Foreign Exchange Management Act, 1999 (FEMA).
“The action was taken under Section 37 of FEMA on target Naresh Kumar Kejriwal, a Ranchi-based chartered accountant. He is suspected of being a hawala operator. Searches were conducted simultaneously at his family members and associates across Ranchi, Mumbai, and Surat. Around 12 locations were searched,” the ED official said.
Another ED official close to the matter said action was taken after income tax department findings revealed that Kejriwal controlled undisclosed foreign shell entities in foreign countries.
“The action initiates from Income Tax Department findings revealing that Kejriwal controls undisclosed foreign shell entities in the UAE, Nigeria, and the USA—managed effectively from India—which have accumulated over ₹900 crore in unexplained reserves and routed approximately ₹1,500 crore back to India through bogus telegraphic transfers,” the official said.
“As these foreign assets were not disclosed in statutory filings and appear to be vehicles for large-scale illicit fund layering, the search is critical to secure incriminating digital and documentary evidence of these unauthorized cross-border dealings,” the official further said.
An official statement of ED is yet to come in the matter.
