Ranchi CA Amassed ₹900 Crore Illegally, ED Probes Bogus Telegraphic Transfers

The Enforcement Directorate (ED) on Tuesday conducted searches under the Foreign Exchange Management Act (FEMA) against Ranchi-based Chartered Accountant Naresh Kumar Kejriwal, described by investigators as a suspected hawala operator. Raids were carried out at multiple locations linked to Kejriwal, his family members and associates across Ranchi, Mumbai and Surat.

Shell Firms, Undisclosed Reserves Flagged

The action follows Income Tax Department findings indicating that Kejriwal allegedly controls undisclosed foreign shell entities in the UAE, Nigeria and the US, which are effectively managed from India. These entities have reportedly accumulated over ₹900 crore in unexplained reserves and routed about ₹1,500 crore back to India through bogus telegraphic transfers, according to officials.

None of these foreign assets were disclosed in statutory filings and are suspected to have been used for large-scale layering of illicit funds. The searches aim to seize digital and documentary evidence related to the alleged cross-border transactions.

Separate FCRA Case: ED Raids Maharashtra Trust

In a separate case, the ED on Monday searched around a dozen locations in connection with an alleged FCRA violation involving the Jamia Islamia Ishatul Uloom (JIIU) Trust, Yemeni national Al-Khadami Khaled Ibrahim Saleh, and others. The raids were conducted in Nandurbar district and Mumbai, PTI reported.

This probe is being carried out under the Prevention of Money Laundering Act (PMLA) and stems from an FIR filed by Akkalkuwa police in Nandurbar, followed by a chargesheet submitted earlier this year.