Ahmedabad (Gujarat): The Enforcement Directorate has carried out a major operation in Ahmedabad, seizing assets worth approximately ₹5.84 crore. The action was taken under the Foreign Exchange Management Act (FEMA), as authorities continue investigating suspected illegal overseas investments and questionable financial transactions.
According to ED officials, the operation was conducted simultaneously at nine different locations. Investigators received intelligence suggesting that individuals linked to the Anas Group were allegedly transferring money and assets abroad through unlawful channels.
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Cash, gold and silver seized
During the search operation, the investigative team recovered a large cache of cash and precious metals. Officials stated that ₹1.01 crore in Indian currency and foreign currency equivalent to approximately ₹33.34 lakh were seized.
In addition, 16 gold bars bearing foreign markings were recovered, weighing around 1.6 kilograms and valued at nearly ₹2.5 crore in the market. The operation also led to the seizure of 168 silver bars weighing about 80 kilograms, estimated to be worth nearly ₹2 crore.
Suspicious documents recovered
Investigators also found several incriminating documents and financial records during the raids. These documents reportedly mention foreign properties located in Dubai, allegedly linked to members of the Nagariya family and their associates.
Authorities are examining the legality of funds used to acquire these properties, while ownership records of the overseas assets are also under scrutiny.
Group linked to tobacco business
The probe is centred on the Anas Group, which is reportedly involved in tobacco processing and packaging operations. The group is said to operate brands such as “Amber Tobacco”, “Umda Tobacco” and “Sama Filter Khaini”.
Officials believe that financial transactions related to the tobacco business are under increased surveillance due to stricter monitoring of the industry. Particular attention is being given to foreign investment flows and the methods used for cross-border fund transfers.
Suspected hawala network
Preliminary information received by the ED suggests that some members associated with the Nagariya family may hold multiple properties in upscale areas of Dubai. Authorities suspect that funds for these assets were transferred through illegal channels, including the use of hawala networks.
Hawala transactions are considered an alternative informal money transfer system operating outside the conventional banking framework and are subject to strict legal restrictions in India.
Investigation continues
The ED stated that the probe will continue to trace the financial origin and transaction chain related to the seized assets. In such cases, the agency typically conducts detailed examination of bank accounts, overseas properties and investment records.
Officials said that action under FEMA provisions is aimed at preventing illegal foreign currency outflows and safeguarding the integrity of the financial system.
Further documents and digital records are expected to be examined in the coming days as the investigation progresses.
