The Enforcement Directorate (ED) launched a major nationwide search operation on Tuesday, targeting multiple locations linked to chartered accountant Mahesh Kumar Kejriwal in Ranchi. The raids are part of an investigation into alleged serious violations of the Foreign Exchange Management Act (FEMA).
Cash and Jewellery Seized in Ongoing Operation
As the searches continued late into the evening, ED officials made significant seizures. The agency confiscated ₹65 lakh in cash and jewellery valued at approximately ₹55 lakh from the raided premises. The operation underscores the scale of the financial probe.
Shell Companies Across UAE, Nigeria, and USA Under Scanner
Investigations reveal that Mahesh Kejriwal allegedly controlled a network of shell companies based in the United Arab Emirates, Nigeria, and the United States. These entities are suspected of accumulating unexplained reserves worth a staggering ₹900 crore. Furthermore, it is alleged that around ₹1,500 crore was routed back to India through bogus and illegal transfer mechanisms.
Raids at Church Complex and Panchwati Plaza
In Ranchi, ED teams reached Mahesh Kejriwal's office located in the Church Complex early in the day. Searches commenced as soon as the office opened, with paramilitary forces deployed to secure the area. Simultaneously, another raid was conducted at the premises of Devika Constructions and Developers Limited in Panchwati Plaza on Kutchery Road.
The coordinated action across the country points to a deep-rooted probe into complex financial transactions and foreign exchange irregularities. The ED is expected to analyze the seized documents and records to unravel the full extent of the alleged FEMA violations and the money trail connected to the offshore shell companies.
