New Delhi | December 2, 2025: The Enforcement Directorate (ED) has conducted searches under the Foreign Exchange Management Act (FEMA) at the premises of Ranchi-based Chartered Accountant Naresh Kumar Kejriwal, along with his family members and associates. Kejriwal is alleged to be a suspected hawala operator, with substantial illegal fund transfers routed through foreign accounts.
According to sources, Income Tax Department investigations revealed that Kejriwal controls multiple shell companies in the UAE, Nigeria, and the United States, which are effectively managed from India. These accounts reportedly held over ₹900 crore in undisclosed funds, with approximately ₹1,500 crore transferred back to India via bogus telegraphic transfers.
An ED official said, “These foreign assets were not declared in statutory filings and appear to be part of large-scale illicit fund layering. The raids are aimed at securing digital and documentary evidence of these unauthorized cross-border transactions.”
Operations Across Three Cities: Ranchi, Mumbai, and Surat
The search operations were carried out in Ranchi, Mumbai, and Surat, where ED teams seized digital devices, bank records, and financial documents linked to Kejriwal and his associates. Officials said the raids aim to expose the full network of illegal foreign fund flows and identify other individuals involved in the hawala operations.
Preliminary investigations indicate that the funds were routed through multiple layers of business and personal accounts in India, offering investigators insight into the control and transactions of shell entities and front companies.
Pattern of Illicit Fund Movement and Legal Implications
Experts suggest that the foreign shell companies and hawala networks were allegedly used for tax evasion, violation of capital controls, and money laundering. The ED is now scrutinizing these transactions, monitoring bank flows, and analyzing the activities of the persons involved.
A senior ED official said, “Tracing the complete chain of suspicious funding and foreign transactions is a priority. This will not only reveal unauthorized money flows but also help prevent such networks from operating in the future.”
Ongoing Surveillance and Next Steps
Sources added that Kejriwal’s hawala operations are not confined to India; they appear to leverage international financial networks to manage large-scale funds under the guise of business activities.
This ED action marks a critical step in ensuring compliance with legal norms for foreign investments and financial transactions. Investigations are continuing based on the evidence collected, and further arrests or asset seizures are possible.
The case underscores the importance of stringent monitoring of illegal cross-border fund movements and hawala networks in India, reflecting the sustained vigilance of financial enforcement agencies.
