The Enforcement Directorate (ED), under the Foreign Exchange Management Act (FEMA) raided at eight different locations in Delhi and Ghaziabad on July 9, 2020, including residences and offices of several tours and travel companies and their accountants.
The raids revealed unrecognized Indian currencies of 3.57 Crores rupees, along with several incriminating documents and digital records, being seized.
The raids against various tours and travel companies were based on specific submissions that these companies were doing the unauthorized receipt of foreign transfers via payment gateways saying that they provide e-visa services to foreigners.
Investigations showed that these companies have received a foreign transfer of more than 200 Crore rupees for the processing of Indian e-visa applications by foreigners without the approval of the Indian government.
These companies were also involved in high-value illegal transactions.
Investigations also revealed that certain accountants played lead role in managing the business of these companies and were behind the fraud transactions they carried out.
The seizure of rupees 3.57 Crores in cash during searches has further raised suspicions of the business activity of such companies and their apparent violation of legal requirements.
Further investigations are ongoing in this case. We will update you as soon as we receive more information. Stay tuned.