Continuous raids are being conducted by ED Kolkata in the E-nuggets gaming app case. In this incident, a businessman named Umesh Agarwal’s office and home in Kolkata’s Ultadanga district were raided, and a sizable sum of money was found there. The businessman’s home has seen a significant amount of money recovered, and more searches are being performed while the cash is being counted.
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Raids at 20 places in Telangana and Andhra Pradesh
Official sources report that the Enforcement Directorate conducted raids at several MBS Group of Companies and Musadilal Jewelers locations in Telangana and Andhra Pradesh on Tuesday morning. Sources claim that the enforcement agency carried out raids in Hyderabad and 20 other locations around Telangana and Andhra Pradesh.
Money Laundering and Foreign Exchange Management Act (FEMA) prompted the raids. According to the official, MBS Group, its director Sukesh Gupta, and affiliated companies received the gold from MMTC on credit in order to preserve their foreign exchange position without paying an additional 5% tax, which resulted in a loss for the corporation.
