The Enforcement Directorate (ED) on Friday, October 23, conducted search operations at about half a dozen premises linked to Mega Millennium Private Limited in Mumbai and Delhi, and at a farmhouse in Karjat in Maharashtra, in connection with the alleged illegal receipt of foreign exchange from Dubai and Singapore, officials said.

Source: ANI via Devdiscourse

The searches, carried out under the Prevention of Money Laundering Act (PMLA), 2002, covered the company's offices and residential properties, an ED official said in a statement. Investigators inspected digital devices and documents related to the company during the operation.

Source: IANS via hi INDiA

What the ED alleges

According to the ED, the focus of the operation was Harish Dedhiya, a Mumbai-based consultant and director of the company. The agency alleged that the company and its directors, including Dedhiya and his wife Dhara Dedhiya, received large sums of foreign exchange from suspicious companies based in Dubai and Singapore. These are allegations by the investigating agency; the company and the individuals named have not been convicted of any offence.

The ED further alleged that Dedhiya incorporated companies by appointing his own employees and other dummy persons as directors, and that within a year of incorporation those companies received hundreds of crores of rupees — yaani several billion rupees — which were allegedly layered through multiple shell entities.

Source: ANI via Devdiscourse

Currency and valuables found

Officials said foreign currency, Indian currency and valuables worth several crores of rupees were found during the searches so far. The agency has not, in the reports available, put an exact figure on the recovery or announced any arrest in the case.

The searches began early on Friday morning and were based on inputs received by the agency, officials said. Further investigation in the case is under way.