ED raids Mega Millennium premises in Mumbai, Delhi over illegal forex receipts
Synopsis
The ED raided offices, homes, and a farmhouse linked to Mega Millennium Private Limited over alleged illegal foreign exchange receipts from Dubai and Singapore, recovering valuables worth crores. On the same day, a separate ED probe into a Maharashtra IVF human egg racket came to light, with 10 centres searched and ₹29 lakh in cash seized — revealing how the agency is simultaneously tracking financial crime and bio-ethical violations with money-laundering dimensions.
Key Takeaways
The ED raided six premises in Mumbai , Delhi , and Karjat, Maharashtra on 23 October in the Mega Millennium Private Limited forex case.
Searches targeted Harish Dedhiya and his wife Dhara Dedhiya , accused of receiving large foreign exchange sums from suspicious firms in Dubai and Singapore .
Foreign currency, Indian currency, and valuables worth several crores were recovered; raids conducted under PMLA, 2002 .
Dedhiya allegedly incorporated shell companies with dummy directors that received hundreds of crores , layered through multiple entities.
In a separate case, ED searched 10 IVF centres in Thane, Baramati, and Nashik on 16 October , seizing ₹29 lakh cash in a human egg extraction racket probe.
The IVF case names Manjusha Wankhede and 16 others , with alleged offences under the BNS 2023 , ART Act 2021 , and Drugs and Cosmetics Act 1940 .
The Enforcement Directorate (ED) on Friday, 23 October conducted search operations at half a dozen premises — including offices, residential properties, and a farmhouse — spread across Mumbai, Delhi, and Karjat, Maharashtra, in connection with the alleged illegal receipt of foreign exchange by Mega Millennium Private Limited from entities based in Dubai and Singapore. The searches were carried out under the provisions of the Prevention of Money Laundering Act (PMLA), 2002.
Key Developments
Investigators recovered foreign currency, Indian currency, and valuables worth several crores of rupees during the raids, according to an official statement. Digital devices and incriminating documents linked to Mega Millennium were also seized. The farmhouse targeted was located in Karjat, Maharashtra.
The central focus of the operation was Harish Dedhiya, a Mumbai-based consultant and director of the company. His wife, Dhara Dedhiya, was also identified as a recipient of large sums of foreign exchange from what the ED described as suspicious companies in Dubai and Singapore.
Shell Companies and Layering Allegations
According to the ED, the investigation revealed that Dedhiya had reportedly incorporated multiple companies by appointing his own employees and dummy directors. Within a year of their incorporation, these entities are alleged to have received hundreds of crores of rupees, which were then layered through a web of shell companies — a classic money-laundering structure that regulators have flagged repeatedly in recent years.
This comes amid a broader ED crackdown on hawala and illegal foreign exchange transactions routed through the Gulf and Southeast Asia. The use of Dubai and Singapore-based shell structures has been flagged in multiple prior PMLA investigations, underscoring a persistent challenge for Indian financial regulators.
Separate IVF Racket Probe in Maharashtra
In an unrelated case, the ED's Mumbai Zonal Office-II on 16 October conducted search operations at 10 premises — including hospitals and IVF centres — in Thane, Baramati, and Nashik, Maharashtra. The searches were part of an investigation into an alleged human egg extraction racket and resulted in the seizure of digital evidence and ₹29 lakh in cash.
The ED action was initiated on the basis of a First Information Report (FIR) and subsequent chargesheet filed by Badlapur (East) Police Station, Thane, alleging offences of cheating and forgery under the Bharatiya Nyaya Sanhita (BNS), 2023, as well as violations of the Assisted Reproductive Technology (Regulation) Act, 2021, and the Drugs and Cosmetics Act, 1940. The accused named include Manjusha Wankhede and 16 others.
According to the agency, the alleged network recruited financially vulnerable women for human egg donation and supplied them to various IVF centres and Assisted Reproductive Technology (ART) banks through donor-supply agents operating under different proprietorship concerns — pointing to a structured, commercially driven operation.
What Happens Next
The ED is expected to file formal complaints under the PMLA in both cases following analysis of the seized digital evidence and financial records. Arrests, if any, would follow once the documentary trail is established. Both cases highlight the ED's expanded focus — from conventional financial fraud to bio-ethical violations with financial dimensions — marking a notable widening of its investigative mandate.
Point of View
Dummy directors, layered crores — yet each iteration reveals how persistently this architecture evades early detection. The ED's ability to trace layered funds is improving, but the real question is whether prosecution converts these search operations into convictions; India's PMLA conviction rate remains modest relative to the volume of raids. The IVF angle is more alarming: it signals that organised networks are now exploiting regulatory gaps in reproductive medicine for commercial gain, and that the financial trail in bio-ethical crimes is substantial enough to attract PMLA jurisdiction. Both cases, reported on the same day, underscore that the ED's remit has grown well beyond conventional banking fraud.
NationPress
23 Oct 2026
Frequently Asked Questions
What is the Mega Millennium Private Limited ED raid about?
The ED raided six premises linked to Mega Millennium Private Limited on 23 October over the alleged illegal receipt of foreign exchange from suspicious companies based in Dubai and Singapore. The searches, conducted under PMLA 2002, focused on director Harish Dedhiya and his wife Dhara Dedhiya, with foreign currency and valuables worth several crores recovered.
Who is Harish Dedhiya and why is he under investigation?
Harish Dedhiya is a Mumbai-based consultant and director of Mega Millennium Private Limited. The ED alleges he incorporated multiple companies using dummy directors, which received hundreds of crores within a year of incorporation, funds that were then layered through shell entities in a suspected money-laundering operation.
What was found in the IVF centres raided by the ED in Maharashtra?
The ED searched 10 hospital and IVF centre premises in Thane, Baramati, and Nashik on 16 October and seized digital evidence and ₹29 lakh in cash. The raids relate to an alleged organised network that recruited financially vulnerable women for egg donation and supplied them to IVF centres and ART banks.
Under which laws have the accused in the IVF racket case been charged?
The accused, including Manjusha Wankhede and 16 others, face allegations of cheating and forgery under the Bharatiya Nyaya Sanhita (BNS) 2023, and violations of the Assisted Reproductive Technology (Regulation) Act 2021, and the Drugs and Cosmetics Act 1940.
What happens next in the Mega Millennium and IVF cases?
The ED is expected to analyse seized digital evidence and financial records before filing formal complaints under the PMLA in both cases. Arrests may follow once the documentary evidence is established, with the investigations ongoing.
