In a significant development, the Enforcement Directorate (ED) on Tuesday carried out Jharkhand’s first raid under the Foreign Exchange Management Act (FEMA), targeting prominent Ranchi-based Chartered Accountant Naresh Kejriwal.
The operation marks a major shift in the agency’s approach in the state, where most previous actions were taken under the Prevention of Money Laundering Act (PMLA). The raids began early Tuesday around 6 a.m., simultaneously covering 15 locations linked to Kejriwal and his family in Ranchi, Mumbai, and Surat.
In Ranchi, ED officials searched Kejriwal’s office located in the Church Complex, along with several residential premises associated with him.
According to officials, the action stems from inputs obtained during an earlier Income Tax Department raid. Evidence discovered during that operation reportedly indicated violations related to foreign investments. Based on these findings, the ED initiated a FEMA probe against Kejriwal.
During the agency’s preliminary investigation, officials claim to have uncovered proof of substantial overseas investments allegedly made by Kejriwal in Dubai, the United States, and other countries. Sources said that several transactions appeared to be in violation of foreign exchange regulations, prompting the first-of-its-kind FEMA raid in the state.
The ED is now scrutinising documents and digital records seized during the searches to ascertain the scale of the suspected violations and identify others who may be linked to the case.
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