₹3.57 cr. undeclared cash seized from premises linked to tour & travels companies

The Enforcement Directorate has seized ₹3.57 crore undeclared cash during searches in the premises linked to several tour & travels companies.

The searches were carried out at eight locations in Delhi and Ghaziabad under the Foreign Exchange Management Act.

“The premises of the directors of the companies and their chartered accountants were also searched,” said an ED official.

The ED probe was initiated against various entities, including tour & travels companies, on the basis of specific inputs that they were involved in unauthorised receipt of foreign remittances through payment gateways in the name of providing e-visa services to foreigners.

According to the agency, two such entities received foreign remittance of more than ₹200 crore for processing Indian e-visa applications of foreigners without any authorisation from the government.

It is alleged that these entities were also involved in high-value suspicious transactions. Certain chartered accountants played a key role in managing their affairs and were behind such transactions.

“The seizure of unaccounted cash of ₹3.57 crore during the searches has raised further suspicion about the operations of such entities and their blatant violation of the statutory requirements,” said the agency.

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Printable version | Aug 9, 2020 8:51:18 PM |

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