Kochi (Kerala): The sleuths of the Enforcement Directorate (ED) are conducting raids at various places in Kerala, including Kochi, in connection with a Hawala transaction worth Rs 10,000 crores, officials said. The ED started the raids at 5 PM on Monday (June 19) evening as part of its probe against the Hawala network and transactions related to it.
A team of approximately 150 officials is conducting the raids at multiple locations. Officials from outside Kerala are also involved in the raids that are being carried out in Kochi's main commercial hub, Penta, mobile accessories wholesale outlets in Menaka Shopping Complex, beauty shops on Broadway, and electronics wholesale outlets. The raids are being held under the security of the armed forces.
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ED officials said that Hawala transactions worth around Rs 50 crore are being conducted daily under the cover of business establishments in Kochi. ED sources have stated that the raids are being conducted under the provisions of the Foreign Exchange Management Act (FEMA).
The ED has alleged that hawala transactions of over Rs 10,000 crore were conducted in Kerala through more than twenty hawala operators in various districts of the state. This is the biggest raid and inspection conducted in the state by ED. ED officials have claimed that Kochi is the most important centre for Hawala transactions in the southern state.
Sources from the probe agency have said that black money was seized during their raids in Kochi. They added that ED will share all details on the completion of the raids.
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