AGARTALA: The Enforcement Directorate (ED) in a joint operation with Tripura Police, carried out searches at seven locations in west Agartala and Sonamura areas of the state.
The financial probe agency, during the raid, seized cash worth Rs 80 lakh and Rs 30 lakh of Bangladeshi Taka, involved in hawala transactions.
The seizures were made under the Foreign Exchange Management Act, 1999 (FEMA).
Incriminating documents relating to hawala transactions were also seized for scrutiny and examination during the raid.
It needs mention that hawala transactions are used in India, Middle-East and South Asia and it is an ancient system of transferring money.
It can be defined as a money transfer method, which takes place outside the traditional banking system and requires a minimum of two hawala dealers (or hawaladars) that take care of the “transaction”.