ED probing suspicious transactions worth ₹900 crore linked to Ranchi-based CA

The Enforcement Directorate (ED) has launched a massive investigation into suspicious transactions worth around ₹900 crore allegedly linked to Ranchi-based chartered accountant Naresh Kumar Kejriwal. Officials said the searches were conducted under Section 37 of the Foreign Exchange Management Act (FEMA).

Sources told Local18 that ED teams conducted coordinated searches at multiple locations linked to Kejriwal, including the premises of his family members and close associates in Ranchi, Mumbai and Surat.

The action follows an investigation by the Income Tax Department which allegedly revealed a network of undeclared foreign shell companies linked to Kejriwal in the UAE, Nigeria and the United States. Investigators believe that these entities effectively operated from India.

Preliminary findings shared by officials indicate:

• Over ₹900 crore was deposited in foreign shell companies in what was described as “illegal reserves”.
• Approximately ₹1,500 crore was brought back to India through fraudulent telegraphic transfers (TT).
• None of these foreign assets were disclosed in the mandatory statutory filings.

Officials said the structure of these entities showed that they were created only for large-scale fund layering and possible hawala operations. The ED is now focusing on recovering digital devices, transaction trails and documents that can provide evidence of the alleged illicit flows.

The ongoing operation is being seen as an important step in the government’s comprehensive crackdown on cross-border financial irregularities, undeclared offshore assets and secret money routes.