ED seizes ₹3.3 crore cash, luxury vehicles in case linked to dabba trading, online betting
The Enforcement Directorate (ED) has conducted a series of raids at four locations in Mumbai in a high-profile money laundering case linked to dabba trading and online betting. The raids, which began early on Wednesday morning, led to the seizure of unaccounted cash worth ₹3.3 crore, luxury watches, jewellery, foreign currency, and luxury vehicles. This massive haul is a significant boost to the ED’s efforts to crack down on illegal activities in the financial sector.
According to sources, the raids were conducted at the residences and offices of several individuals suspected of being involved in dabba trading, which is an illegal and unregulated form of trading in securities. Dabba trading is a shadowy market where bets are placed on the price movement of financial instruments, often without any backing of actual assets. The Securities and Exchange Board of India (SEBI) has consistently warned against dabba trading, citing its potential to destabilize financial markets and cause harm to investors.
The ED’s raids were triggered by a complaint filed by the Income Tax Department, which had detected a large amount of unaccounted income and assets belonging to certain individuals. The ED has been investigating the case for several months now, and the raids are part of its efforts to gather evidence and bring those responsible to justice.
During the raids, ED officials recovered a staggering amount of unaccounted cash, including ₹2.5 crore in new notes and ₹80 lakh in old notes. In addition to cash, the agency also seized luxury items such as watches, jewellery, and foreign currency. The ED also recovered several luxury vehicles, including cars and bikes, which are believed to be linked to the accused individuals.
The ED’s action comes at a time when the country is grappling with the issue of black money and tax evasion. The government has been making efforts to clamp down on illegal activities and ensure that those who evade taxes are brought to book.
The ED’s raids have sent shockwaves through the financial markets, with many experts warning that the seizure of large amounts of unaccounted cash and assets could have a significant impact on the economy. “This is a major blow to those who have been involved in illegal activities in the financial sector,” said a senior financial expert. “The ED’s action shows that it is serious about cracking down on tax evasion and money laundering, and that those who engage in such activities will be held accountable.”
The ED’s investigation is ongoing, and officials have said that they will continue to gather evidence and question witnesses to build a strong case against those accused. The agency has also issued summons to several individuals, including those who were present at the raided locations, to appear before it and provide information.
The ED’s action has also received widespread support from the public, with many expressing relief that the agency is taking concrete steps to address the issue of black money and tax evasion. “It’s about time that the government took action against those who engage in illegal activities,” said a Mumbai resident. “We need to make sure that those who follow the law are rewarded, and those who break the law are punished.”
As the ED continues its investigation, it remains to be seen what other assets and evidence will be uncovered. However, one thing is clear: the agency’s action has sent a strong message to those involved in illegal activities in the financial sector, and it is likely to have a significant impact on the country’s economy in the long run.
