India, Aug. 12 -- The Enforcement Directorate (ED) has seized cash, high-end cars, imported luxury watches, and documents during searches at multiple locations in Mumbai and Ahmedabad linked to two related stockbrokers under investigation for alleged violations of the Foreign Exchange Management Act (FEMA).

The raids, conducted on Thursday and Friday, targeted premises connected to Mahendra Shah and Megh Shah, officials said. The ED recovered Rs.15 lakh in cash, four luxury cars - a BMW X6M, Bentley Continental GT, BMW 730LD, and BMW 328i - as well as imported watches from brands such as Rolex and Cartier, altogether valued at around Rs.1.51 crore.

Investigators also seized stamps and cheque books belonging to about 40 entities and comp...