New Delhi, July 10 -- The Enforcement Directorate (ED) conducted searches under the provisions of the Foreign Exchange Management Act, 1999 (FEMA) on July 9, in connection with an investigation related to Kalanee Impex Private Limited and its active director Dharmesh Narendra Sangani.

During the raids, the Enforcement Directorate seized evidence of undisclosed foreign assets, undisclosed foreign bank accounts and suspicious cross-border transactions.

Officials said undisclosed foreign banks' accounts in Canada, the USA and the UAE have been identified.

The search proceedings revealed that "money which ought to have been received in India has not come to India despite lapse of substantial time," officials said.

"Export proceeds from ce...