FEMA case: ED seizes cash, gold and silver bars after raids on Ahmedabad tobacco firm

Ahmedabad, Feb 25 (LatestNewsX) The Enforcement Directorate’s (ED) Ahmedabad Zonal unit conducted searches at nine locations in Ahmedabad on Wednesday, targeting the premises of Anas Group and its associated partners, officials said.

The group is involved in the processing, packaging, and manufacturing of tobacco products under the brand names “Amber Tobacco”, “Umda Tobacco”, and “Sama Filter Khaini”.

The action was taken under the provisions of the Foreign Exchange Management Act (FEMA), 1999, following information from reliable sources indicating that members of the Nagariya family, associated with Anas Group and its partners, hold multiple overseas assets.

These include high-value properties and investments in Dubai, allegedly funded through hawala transactions and unauthorised banking channels.

During the searches, ED officials seized Indian currency totalling Rs 1.01 crore and foreign currency equivalent to approximately Rs 33.34 lakh.

Officials also recovered 16 gold bars, weighing 1.6 kg with foreign markings, valued at around Rs 2.5 crore, and 168 silver bars weighing approximately 80 kg, with a market value of about Rs 2 crore.

In addition, various documents and records revealing ownership of foreign properties in Dubai linked to the Anas Group and family members were confiscated.

“The searches were based on credible inputs regarding alleged violations of the Foreign Exchange Management Act. The seizure of substantial cash, precious metals, and documents is aimed at uncovering the full extent of unaccounted overseas holdings by the group and its associates,” the official statement said.

The agency confirmed that further investigation is ongoing.

Officials are examining the seized records and assets to determine the channels used for transferring funds abroad and to identify other potential violations under FEMA.

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