Rs. 5.4 cr cash, 100 kg silver seized in Hawala raid in Delhi

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In a major pre-poll operation against Hawala funds in the national capital, sleuths of the Enforcement Directorate (ED) have seized Rs 5.4 crore cash and over 100 kg imported silver from a dealer here.

The ED raided the premises of a suspected Hawala dealer in the narrow bylanes of Chandni Chowk during the last two days and authorities today seized the cash, 1.7 quintals of imported silver and foreign currency.

The agency, sources in the election expenditure monitoring wing appointed by the Election Commission (EC) said, conducted the operation just before the capital goes to polls tomorrow and the seized cash could have been used during the polls.

The agency has also issued ‘challans’ under provisions of Foreign Exchange Management Act (FEMA), against the trader identified as Anuj Bansal, who operates from the ‘Kuttcha Mahajani’ area of the busy market.

The ED order, sources said, sought explanation from the trader as the agency suspects that the firm was allegedly dealing in import of gold and silver through illegal Hawala channels and “without proper documents”.

This is after a long time that the agencies have cracked down on Hawala trade in Delhi which essentially involves movement of huge sums of cash by bypassing the legal banking routes in order to evade tax and enforcement scanner.