States » NorthPosted at: Nov 16 2025 10:27PM


ED searches Phagwara export firm for suspected FEMA breaches, recovers cash and papers

Chandigarh, Nov 16 (UNI) The Enforcement Directorate has launched an investigation into a Phagwara-based engineering exporter after uncovering suspected violations of India's foreign exchange laws. The agency executed search operations on November 14 at four sites connected to Opal Engineering Corporation, with the Jalandhar Zonal Office leading the action.
Officials familiar with the inquiry said the raids were prompted by indications that the company had been dispatching engineering equipment to several countries, including Syria, Iran, Turkey, and Colombia, without adhering to FEMA provisions that regulate receipt of export payments.
Preliminary scrutiny suggests that funds owed for the shipments did not reach the firm through authorised banking routes. Instead, investigators believe that the proceeds were channelled through unrelated intermediaries and credited to private accounts, bypassing Reserve Bank of India guidelines. Authorities added that no documentation was found to justify the indirect payment structure, such as a tri-party arrangement or adjustment records.
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Tags: #ED searches Phagwara export firm for suspected FEMA breaches# recovers cash and papers
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