India, Dec. 2 -- The Enforcement Directorate (ED) on Tuesday carried out searches under FEMA (Foreign Exchange Management Act) on Naresh Kumar Kejriwal, a Chartered Accountant (CA) based in Jharkhand's Ranchi and suspected hawala operator, along with his family members as well as associates.

The searches were carried out across Ranchi, Maharashtra's Mumbai, and Gujarat's Surat.

The ED action stems from Income Tax Department findings which reveal that Kejriwal controls undisclosed foreign shell entities in the UAE, Nigeria, and the USA - managed effectively from India - which have accumulated over Rs.900 crore in unexplained reserves and routed approximately Rs.1,500 crore back to India through bogus telegraphic transfers.

These foreign...