Hyderabad (Telangana) [India], December 3 (HBTV): The Enforcement Directorate’s Hyderabad Zonal Office on Tuesday announced the auction of a seized Hawker 800A aircraft through MSTC Limited. The aircraft is currently parked at Begumpet Airport in Hyderabad and will remain open for inspection until December 7, with the auction scheduled for December 9.
According to officials, proceeds from the sale will be used to compensate victims of the related scam. The aircraft was seized by the ED from Rajiv Gandhi International Airport on March 7 during a search operation conducted under the provisions of the Prevention of Money Laundering Act, 2002.
Earlier in the day, the ED launched extensive searches across multiple locations in Jharkhand, Maharashtra, and Gujarat in connection with an ongoing probe under the Foreign Exchange Management Act (FEMA). The searches began early Tuesday following actionable intelligence and were carried out in coordination with state police.
Officials said the action is being conducted under Section 37 of FEMA and primarily focuses on Ranchi-based chartered accountant Naresh Kumar Kejriwal, who is suspected to be a key figure in an illicit hawala and foreign fund diversion network. Searches are underway at his residence and properties linked to his family members and close associates in Ranchi, Mumbai, and Surat.
Investigators said the operation was prompted by a detailed report from the Income Tax Department. The findings indicated that Kejriwal allegedly exercised financial control over a network of offshore shell firms based in the United Arab Emirates, Nigeria, and the United States. Despite being incorporated abroad, these entities were reportedly managed from India and lacked legitimate commercial activity.
Preliminary scrutiny suggests that these offshore firms collectively amassed unexplained financial reserves exceeding INR 900 crore. Officials believe a significant portion of this amount was illegally channelled back into India through fraudulent telegraphic transfers. Nearly INR 1,500 crore may have been routed into domestic accounts using forged documentation, layered corporate structures, and fabricated import-export declarations.
Agencies suspect that these transactions were part of a wider hawala network facilitating tax evasion, foreign exchange violations, and potential money laundering. Authorities further noted that the foreign holdings and related transactions were not disclosed in statutory filings, which is a mandatory requirement under Indian financial and taxation laws.
During the ongoing searches, the ED is focusing on retrieving key documentary evidence, digital records, transaction trails, and communication logs to further uncover the scale of cross-border violations and identify additional beneficiaries or accomplices.
(ANI)