ED Raids on Kings Group in Hyderabad

Fri 16 Feb 2024, 11:15:21
The Directorate of Enforcement (ED) carried out searches at seven locations in and around Hyderabad linked to Kings Group of companies and its associated individuals, entities under the provisions of the Foreign Exchange Management Act (FEMA), 1999. The ED initiated investigation based on information that the Kings Group represented by Mohammed Shahnawaz and Mohammed Zubairuddin, in association with other individuals and entities, had made various overseas investments, including in the UAE and the UK in contravention of FEMA


Intelligence also indicated their involvement in illegal foreign exchange through the hawala network, the ED stated. During the searches, the officials said, digital devices, unaccounted cash of Rs 76.5 lakh, foreign currency worth around Rs 1.5 lakh, incriminating documents evidencing foreign investments, association with overseas entities and foreign bank accounts were found. Incriminating documents related to domestic as well as international hawala worth several crores and benami properties were also recovered.

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