What Actions Did the ED Take in Goa Against Illegal Forex Trading?
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Synopsis
In a significant crackdown, the ED has seized a combined total of Rs 16 lakh in cash during operations against illegal forex trading in Goa. This article explores the details of the raids, the evidence gathered, and the broader implications of financial crime in the region.
Key Takeaways
- The ED seized Rs 16 lakh during raids against illegal forex trading.
- Raids were conducted in Mapusa, Goa, based on intelligence from Airport Customs.
- Evidence of land grabbing and financial crimes was uncovered.
- Luxury vehicles and significant cash amounts were also seized.
- The implicated land's market value could exceed Rs 1,200 crore.
Panaji, Sep 29 (NationPress) In a decisive move against unlawful foreign exchange operations, the ED carried out extensive searches under the Foreign Exchange Management Act (FEMA), 1999, in Mapusa, Goa, resulting in the confiscation of foreign currency equivalent to Rs 3 lakh alongside Rs 13 lakh in Indian currency, as reported by an official on Monday.
The investigation targeted the premises of Loja Shamu, located at 22, Mapusa Municipal Market, Mapusa, Goa, with raids occurring on September 26, according to the official.
The ED, based in Panaji, initiated this operation following specific intelligence from the Airport Customs, Goa, regarding the confiscation of foreign exchange valued at $35,000.
During the course of the searches, the ED also uncovered incriminating evidence along with two mobile devices, as stated by the official.
Earlier this month, the ED executed search actions across 13 residential and commercial locations in Goa and Hyderabad related to the case involving Yeshwant Sawant and others.
These raids took place on September 9 and 10, focusing on the illegal appropriation of Communidade lands in Goa, under the Prevention of Money Laundering Act (PMLA), 2002.
The ED launched an inquiry based on an FIR filed by the Goa Police under various sections of the Indian Penal Code (IPC), 1860, regarding the unlawful acquisition of property belonging to the Communidade of Anjuna.
As per the ED, the investigation and searches unveiled that the suspects had illegally registered over 3,50,000 sq. meters of land in prime locations in Goa, such as Anjuna and Assagaon, using forged documents submitted to relevant authorities to facilitate the mutation.
Moreover, parts of these properties were sold, generating additional Proceeds of Crime (POC) amounting to crores of rupees.
The market value of the land acquired illegally by these individuals is expected to surpass Rs 1,200 crore, according to the ED in a press announcement.
During the raid, approximately Rs 72 lakh in cash was seized, alongside seven luxury vehicles, including a Porsche Cayman, BMW 650 L., Range Rover, Mercedes-Benz, BMW M5, and Audi A-6.
Point of View
I emphasize the necessity of stringent actions against financial misconduct. The ED's determined approach not only underlines the importance of legal frameworks but also the need for accountability in financial dealings. Upholding the rule of law is paramount for a thriving economy.
NationPress
29/09/2025
Frequently Asked Questions
What was seized during the ED raids in Goa?
The ED seized foreign currency worth Rs 3 lakh and Indian currency totaling Rs 13 lakh during their raids in Goa.
What prompted the ED's operation?
The ED acted based on specific intelligence from Airport Customs regarding the seizure of $35,000 in foreign exchange.
What are the implications of the ED's findings?
The investigation revealed illegal land grabs and the potential for proceeds of crime exceeding Rs 1,200 crore.
How many locations were searched by the ED?
The ED conducted searches at 13 locations across Goa and Hyderabad.
What legal framework is the ED operating under?
The ED is conducting these operations under the Foreign Exchange Management Act (FEMA) and the Prevention of Money Laundering Act (PMLA).
