Surat Firm Under Inspection for Alleged ₹2284 Crore Hawala Transactions

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Surat Firm Under Inspection for Alleged ₹2284 Crore Hawala Transactions

| Updated: December 28, 2023 16:51

Surat Firm Under Inspection for Alleged ₹2284 Crore Hawala Transactions

The Enforcement Directorate (ED) has recently conducted a search operation at the premises of an LLP firm and its associated companies in Surat, Gujarat, over suspected transactions involving the transfer of ₹2284 crore out of the country.

The search operation was conducted under the provisions of the Foreign Exchange Management Act (FEMA) at the locations of Sharanam Jewels LLP and its promoter, Awadh Harshad Yagnik, located in Surat’s Special Economic Zone (SEZ). The operation also extended to the locations of the ownership firm, Vamsh Marketing, in Ahmedabad, Surat, and Dhubri in Assam, owned by Ashik Patel and several others.

The ED initiated the investigation based on reliable information that these companies were involved in sending foreign exchange out of India on a large scale. It is suspected that ₹2284 crores were sent out of the country as payments for import settlement of invoices.

Sharanam Jewels LLP, a Limited Liability Partnership firm engaged in the export and import of gems and jewellery, has conducted transactions worth ₹3700 crore in the last two years. However, the ED found discrepancies in the company’s accounts. The company had shown a closing stock worth ₹520 crore in its books of accounts, but upon physical verification, only ₹19.7 lakh worth of stock was found.

Sharanam Jewels LLP and its associate company, Vansh Marketing, are alleged to have facilitated the entry of more than ₹5000 crore of hawala to various people and companies through a complex structure of transactions in the name of export and import. These transactions were made with the help of paper companies, leading to suspicions of hawala entries.

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