MAPUSA
The Enforcement Directorate (ED) has unearthed illegal foreign exchange dealings estimated at Rs 2 to Rs 3 crore following a raid on a shop in Mapusa market.
The raid, conducted on September 26 at a store named Loja Shamu, led to the seizure of substantial cash, foreign currency, suspicious records and digital evidence.
The action was initiated after Goa Airport Customs passed on specific intelligence.
Just days earlier, Customs officials had seized US $35,000, which upon investigation was traced back to the Mapusa-based shop.
Acting on this lead, the ED launched a search operation.
During the raid, officials confiscated foreign currency worth around Rs 3 lakh, Indian currency amounting to approximately Rs 13 lakh, slips and records linked to unlawful forex transactions and two mobile phones.
Chats and communications retrieved from the devices have reportedly provided concrete evidence of the shop owner’s involvement in the illegal trade.
Preliminary investigations indicate that the seized material and records are in clear violation of the Foreign Exchange Management Act (FEMA).
Authorities further suspect the involvement of multiple individuals and entities beyond the shop owner.
The ED has begun a detailed scrutiny of the seized documents, notes, mobile phones and digital evidence.
More links in the racket are expected to surface in the coming days, potentially leading to wider action.
