Jalandhar, Nov. 18 -- Two days after conducting raids at four locations owned by a Phagwara-based firm, the Enforcement Directorate (ED) has confiscated Rs.22 lakh under the provisions of the Foreign Exchange Management Act (FEMA), 1999.

The ED spokesperson said the searches were conducted at the premises linked to the Phagwara-based firm M/s Opal Engineering Corporation (OEC), which is involved in the export of engineering goods, for violation of provisions of FEMA, 1999, by receiving payments from unrelated third parties without following due procedure.

ED investigation revealed that the firm exported goods to countries including Syria, Iran, Turkey, Colombia, etc. However, the export proceeds were not realised as per the guidelines p...