ED Raids Ranchi CA Over ₹900 Crore Hawala, Foreign-Funds Probe

The Enforcement Directorate (ED) on December 2, 2025, conducted extensive raids across multiple cities — including Ranchi (Jharkhand), Mumbai (Maharashtra) and Surat (Gujarat) — targeting chartered accountant Naresh Kumar Kejriwal and associates under a suspected hawala and foreign-fund diversion network. 

According to ED and Income-Tax Department findings, Kejriwal allegedly controls several overseas shell companies in the UAE, Nigeria, and the USA. These entities reportedly accumulated unexplained reserves exceeding ₹900 crore, reportedly managed from India without disclosure in statutory filings.

The probe further suggests that approximately ₹1,500 crore may have been illegally routed back into India through bogus telegraphic transfers — allegedly laundering funds under the guise of legitimate transactions. 

Raids & Scope of Investigation

ED teams reportedly raided around 15 premises, including Kejriwal’s residence, office, and properties linked to his family members and associates. The action involved seizure of digital devices, bank records, shell-company documents and financial ledgers. 

The searches are being conducted under the provisions of the Foreign Exchange Management Act (FEMA), marking a high-profile enforcement operation in eastern India’s financial-crime crackdown. 

Allegations & Potential Violations

• Use of undisclosed foreign shell entities to hide unaccounted funds abroad.
• Illegal layering and routing of funds back to India via fake remittances (bogus telegraphic transfers).
• Violation of FEMA and related foreign-exchange and money-laundering norms.
• Possible invocation of money-laundering laws if further links to illicit activities emerge.

Why This Matter Matters

The crackdown delivers a strong signal against illicit hawala networks and clandestine foreign-fund flows. It illustrates how financial and regulatory agencies are stepping up enforcement under FEMA and related laws to curb economic offences. For businesses and individuals alike, this underscores the critical importance of transparency in foreign-entity holdings, compliance with disclosure norms, and lawful repatriation of funds.

About Shunyatax Global: Shunyatax Global provides authoritative analysis on financial crime, compliance and regulatory risk across India and beyond. For in-depth coverage, expert insights and advisory services, visit Shunyatax Auditing Services.