New Delhi, Oct. 17 -- The Enforcement Directorate (ED) today reported that it conducted search operations at five locations across Hyderabad targetingfive Full Fledged Money Changers' (FFMCs) for violations of the Foreign Exchange Management Act (FEMA).
The FFMCs are Prism Forex Private Limited, Garuda Forex Services Private Limited, Sree Vimal Nath Forex Private Limited, Victory Forex & Travel Services Private Limited and Digital Forex Private Limited.
The operations revealed that the FFMCs were operating illegally without a valid licence from the Reserve Bank of India (RBI).
The action follows an earlier inspection by the RBI's Hyderabad office, which uncovered several irregularities at these firms.
These included KYC documents withou...