Gujarat Angadia Firm Raids Reveal Illicit Financial Activities

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Gujarat Angadia Firm Raids Reveal Illicit Financial Activities

| Updated: May 10, 2024 19:04

The CID Crime Department of the Gujarat Police, in collaboration with the Income Tax Department, conducted late-night raids on approximately 12 Angadia firms in Ahmedabad and Surat this past Thursday.

The raids resulted in the seizure of an estimated Rs 10 crore in cash, along with an undisclosed amount of jewelry and foreign currency. In addition, authorities discovered evidence of hawala transactions. All pertinent financial records and electronic devices were confiscated for further scrutiny by the Income Tax Department.

The firms, located at Iskcon Arcade on CG Road, the Ratanpol area in Ahmedabad and the Bhagal area in Surat, are suspected of involvement in unlawful financial activities.

Rajkumar Pandian, the Additional Director General of Police (CID Crime), confirmed that the raids were part of an ongoing investigation into these firms. The CID Crime officials had recently registered a case related to the alleged use of counterfeit accounts for financial transactions, with three of these accounts reportedly having links to Dubai. This led to several arrests, exposing a network between the fraudulent accounts and the Angadia firms, which are suspected of participating in money laundering schemes.

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