ED Seizes ₹22 Lakh, Documents in FEMA Raids on Phagwara-Based Export Firm

By A Staff Reporter

The Enforcement Directorate’s Jalandhar zonal office has seized Indian currency worth ₹22 lakh, incriminating documents and electronic evidence during search operations carried out on November 14 at four locations in Phagwara, Punjab. The searches were conducted under the provisions of the Foreign Exchange Management Act (FEMA), 1999, as part of an ongoing probe into alleged irregularities in foreign exchange transactions.

According to the ED, the premises searched were linked to Opal Engineering Corporation (OEC), a Phagwara-based firm engaged in the export of engineering goods. Investigators allege that the company received export payments from unrelated third parties abroad, bypassing the mandated procedure for such transactions and violating FEMA norms.

Officials said the seized currency and documents are expected to shed more light on the nature and scale of the purported violations. Electronic devices recovered from the premises will undergo forensic examination to trace the flow of funds and identify possible beneficiaries.

The agency is examining whether the payments from third parties were used to conceal the true origin of funds or to mask the identity of the actual buyers. Such practices, officials noted, not only breach FEMA guidelines but also raise concerns about potential money laundering risks.