ED seizes unaccounted cash and foreign currency in Chandigarh, yet business unhampered

CHANDIGARH: Three days after the seizure of around Rs 59 lakh unaccounted Indian and foreign currency from two leading money exchanging firm, both the firms were again found indulging in their usual business of selling the foreign currency on high price in Sector 34 and Sector 35 on Monday.

A senior officer of Enforcement Directorate (ED) told TOI, “Though a detailed adverse report against both the firms was send to Reserve Bank of India (RBI) to cancel their permits, the firms again started selling the foreign currency on high rates. Both the firms were raided and about Rs 22 lakh Indian currency and Rs 57 lakh worth foreign currency was seized on October 11.” The

raids

were conducted by a team headed by deputy director, ED, Gurnam Singh.

Sources maintained that a detailed report mentioning the names of director of the both the firms including one, which is being operated adjoining a chemist shop, were also mentioned in the detailed report. Sources further maintained that the firms were found selling the foreign currency on high rates receiving Indian currency notes of Rs 500 and Rs 1,000 without issuing any bill since October 3.

ED has started cracking the whip on firms reportedly indulging in the converting the black money of people in the investment in the shape of purchasing of foreign currency notes, gold after the announcement of demonetisation of Rs 500 and Rs 1,000 notes on October 8. A senior ED officer said continue inputs are being received from reliable sources and some individuals, who purchased the foreign currency on high rates, are under the radar of agency.