ED seizes Rs 5.84 cr assets, gold, silver in FEMA raid on Anas Group

The ED seized assets worth Rs 5.84 crore, including cash, gold, and silver, during FEMA raids on the Anas Group in Ahmedabad. The raids targeted alleged illegal overseas investments and properties in Dubai funded through hawala channels.

The Enforcement Directorate (ED) has seized assets worth approximately Rs 5.84 crore, including Indian and foreign currency, gold and silver, during searches at nine locations in Ahmedabad under the provisions of the Foreign Exchange Management Act (FEMA) in connection with alleged illegal overseas investments linked to the Anas Group.

Details of Seized Assets

The seized currency comprises Indian currency to the tune of Rs 1.01 crore, foreign currency having INR equivalent of 33.34 lakh, 16 gold bars having foreign marking to the tune of 1.6 kg (market value approximately Rs 2.5 crore) and 168 silver bars having approximately weight 80 kgs (market value Rs 2 crore) along-with various incriminating documents and records revealing foreign properties in Dubai associated with the Anas Group partners and family members.

Investigation into Illegal Overseas Investments

The properties were seized following raids carried out across nine locations in Ahmedabad under the provisions of the Foreign Exchange Management Act (FEMA),1999, covering the premises of Anas Group and its partners, which is engaged in tobacco processing, packaging and manufacturing under the brand names "Amber Tobacco", "Umda Tobacco", "Sama Filter Khaini". ED said its Ahmedabad zonal office conducted searches on the basis of information from reliable sources that members of the Nagariya family (Anas group and its partners) hold numerous overseas assets (in posh areas of Dubai and investments in various businesses in Dubai), funds for which had been sent overseas through hawala and illegal channels and unauthorised banking channels. (ANI)

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