ED raids forex firm, seizes currencies

Tribune News Service

Chandigarh, June 22

Sleuths of the Enforcement Directorate (ED) today raided the office of Chhabra Forex Pvt Ltd, money exchangers, in Sector 22 and the proprietor’s house in Sector 8, Panchkula. Sources said Rs 87 lakh in foreign currencies and Rs 9.50 lakh in Indian currency was seized by the sleuths.

The ED has registered a case under the Foreign Exchange Management Act (FEMA) against Jasbir Chhabra and Gurmeet Chhabra. The sources said the case under FEMA had been registered for alleged irregularities in money transactions.

Teams of the ED reached the office of Chhabra Forex Pvt Ltd in Sector 22 and the proprietor’s house in Panchkula and carried out raids simultaneously.

ED sources said the raids were conducted on a tip-off.

An amount of Rs 87 lakh was recovered in foreign currencies from the house in Panchkula.

The sleuths also seized some documents during the raid that continued till the evening. The documents are being scrutinised by the officials. ED officials, however, refused to divulge details regarding the raid. “The matter is under investigation and we can’t divulge anything at this moment,” ED officials said.