Bhubaneswar: The Enforcement Directorate (ED) on Saturday conducted simultaneous raids on the offices and residence of the director of real estate company ‘Z’ due to allegations of illegal foreign currency transactions.
Sources reveal that the ED is targeting 11 locations linked to the company. The raids were prompted by claims of unauthorized transactions and substantial investments facilitated by forex deposits over several years, according to insiders.
Reportedly, significant sums of cash were confiscated from the ‘Z’ estate’s offices in Acharya Vihar and the Z One apartment complex in Patia, Bhubaneswar.
The ED team is meticulously examining the confiscated documents, including bank passbooks, financial statements, investment records, and foreign exchange documents, available in both physical and digital formats.
The agency is investigating the sources of income, the origins of the transactions, and the networks through which the forex transfers were conducted. Additionally, the ED is investigating whether influential individuals are connected to the ‘Z’ estate group and their role in facilitating these unlawful activities.
The ED is noted for conducting these operations with utmost discretion and care to prevent any potential tampering with evidence. Attempts to get a statement from the company’s officials about the ED’s raid were unsuccessful.
