The Enforcement Directorate (ED) has conducted searches at the office premises of four firms, Paul Merchants Ltd, Quick Forex Ltd, Supama Forex Pvt. Ltd. and Curo India Pvt. Ltd., and residential premises of their directors and associates in Chandigarh, Panchkula, Mohali, Jalandhar and Delhi in a FEMA case.
The searches yielded foreign currency worth Rs 3.88 crore and bullion worth Rs 24.2 lakh besides incriminating documents, laptops, mobile phones and property documents. The ED had initiated an investigation under Foreign Exchange Management Act (FEMA) on the basis of credible information.
During the course of investigation, it is revealed that the said entities have sent outward remittances over Rs 475 crore to Singapore, Hong Kong and UAE on behalf of shell/ dummy entities namely Triple Streak Dream Holidays, Wangester Travels Pvt. Ltd,. Peripatizo Travels Pvt. Ltd, Himalaya Tourism, Ezax Holidays and Great Journey Tours among other such firms, the ED said.