Ranchi, Dec. 2 -- An ED team on Tuesday conducted raids at the locations of city-based Chartered Accountant Naresh Kumar Kejriwal, including at GEL Church Complex and Panchwati Plaza in the heart of the city apart from his residence in Lalpur area, officials said.

During raids Rs.6.5 million in cash and gold and silver coins worth Rs.5.5 million were recovered. Evidence of money being transferred abroad through hawala was also found.

An ED official close to the matter informed that the action was taken under Section 37 of the Foreign Exchange Management Act, 1999 (FEMA).

"The action was taken under Section 37 of FEMA on target Naresh Kumar Kejriwal, a Ranchi-based chartered accountant. He is suspected of being a hawala operator. Search...