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Hyderabad: The Directorate of Enforcement (ED) carried out searches at seven locations in and around Hyderabad linked to Kings Group of companies and its associated individuals, entities under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
Intelligence also indicated their involvement in illegal foreign exchange through the hawala network, the ED stated.
During the searches, the officials said, digital devices, unaccounted cash of Rs 76.5 lakh, foreign currency worth around Rs 1.5 lakh, incriminating documents evidencing foreign investments, association with overseas entities and foreign bank accounts were found. Incriminating documents related to domestic as well as international hawala worth several crores and benami properties were also recovered.