The Enforcement Directorate conducts searches at Mumbai-based shipping firms over alleged FEMA breach, discovering concealed cash.
The Enforcement Directorate (ED) initiated searches at the premises of Capricornian Shipping & Logistics, along with its directors Vijay Kumar Shukla and Sanjay Goswami, and affiliated entities in five cities, following suspicions of Foreign Exchange Management Act (FEMA) violations. The agency uncovered a significant amount of INR 2.54 crore concealed in various locations, including a washing machine believed to belong to one of the company’s directors.
The ED revealed that the targeted companies allegedly engaged in substantial outward remittances totaling INR 1,800 crore, purportedly sending foreign exchange abroad on a large scale. These remittances are suspected to be linked to Galaxy Shipping & Logistics, and Horizon Shipping & Logistics, both based in Singapore and managed by Anthony De Silva.
During the raids across Delhi, Hyderabad, Mumbai, Kurukshetra, and Kolkata, the ED seized incriminating documents, digital devices, and froze 47 bank accounts associated with the entities involved.
Additionally, premises related to associates like Laxmiton Maritime, Hindustan International, and others were also searched. The central agency alleges that the companies facilitated outward remittances under the guise of fictitious freight services, imports, and complex transactions via shell entities.
