The Enforcement Directorate (ED) is intensifying its investigation into Trinamool Congress leader Shankar Adhya, who is accused of misappropriating funds from a ration distribution case and illegally converting these proceeds into foreign currencies. Sources have revealed that Adhya allegedly provided misleading information to the Reserve Bank of India (RBI) regarding these foreign currency conversions, which were facilitated by entities linked to him.
This case comes under heightened scrutiny, particularly focusing on the foreign currency conversions that took place in the fiscal year 2012-13. The ED’s probe has uncovered discrepancies in the financial activities of entities associated with Adhya. While a company linked to the TMC leader reported a mere Rs 50,000 in foreign currency conversions to the RBI for the specified financial year, the ED has obtained documents indicating that the actual conversions amounted to several crores of rupees.
Sources suggest that the misinformation provided to the RBI was an attempt to conceal transactions that deviated from standard regulatory norms. Under the Foreign Exchange Management Act (FEMA), entities are required to submit travel details of individuals engaging in foreign currency exchange. However, evidence gathered by the ED indicates that such norms were blatantly disregarded by the entities involved in the conversions linked to Adhya.
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The ED is also investigating how the proceeds from the ration distribution case were converted into foreign currencies and then transferred overseas, predominantly to Dubai and Bangladesh, using the Hawala system. This system is an illegal method of transferring money without any actual movement of funds.
The ongoing investigation is being closely monitored and regularly updated to a special court under the Prevention of Money Laundering Act (PMLA) in Kolkata. The case brings to light serious allegations of financial misconduct and violations of foreign exchange regulations, casting a shadow on the operations of political figures and their associates. The Enforcement Directorate’s probe continues as they unravel the extent of this complex financial web.
