New Delhi, Nov. 16 -- The Enforcement Directorate (ED) Jalandhar Zonal Office announced on Sunday that it recently conducted search operations at four locations in Phagwara, Punjab, under the provisions of the Foreign Exchange Management Act (FEMA).
During the searches, Indian currency amounting to Rs 22 lakh, along with incriminating documents and electronic evidence, was recovered and seized.
A senior ED official stated that the raids targeted premises linked to the Phagwara-based firm Opal Engineering Corporation (OEC), which exports engineering goods. The firm is under investigation for violating FEMA provisions by receiving payments from unrelated third parties without following due procedure.
"The ED investigation revealed that Opa...