DEHRADUN, JULY 9: The Enforcement Directorate (ED), Dehradun Sub-Zonal Office, has carried out coordinated search operations under the provisions of the Foreign Exchange Management Act (FEMA), 1999, at multiple locations in Dehradun, Rishikesh and Delhi in connection with alleged violations of FEMA and the Reserve Bank of India (RBI) Master Directions governing money-changing activities.
The searches were conducted at the premises of M/s Ganga Forex Pvt. Ltd., M/s JPJN Financial Services Pvt. Ltd., M/s Alpine Forex Pvt. Ltd. and M/s Jai Jeen Forex Pvt. Ltd. The ED also searched associated business entities, including JPJN Gems Unit and Vintage India, besides the residential premises of key persons managing these firms and other linked individuals.
During the operation, the ED recovered and seized substantial quantities of foreign currency belonging to multiple jurisdictions, including US Dollars (USD), Euros (EUR), Australian Dollars (AUD) and Thai Baht (THB), valued at ₹54.58 lakh based on exchange rates prevailing on July 7, 2026.
Officials also seized unaccounted Indian currency amounting to ₹33.98 lakh, taking the total value of the recovered cash and foreign exchange to nearly ₹88.56 lakh.
Apart from cash, the agency seized incriminating documents, mobile phones and other digital devices, along with records related to foreign exchange transactions, which are expected to aid the ongoing investigation.
According to the ED, the searches are part of an investigation into alleged violations of FEMA and non-compliance with RBI regulations governing authorised money-changing operations. The agency is examining the seized records to determine the extent of the suspected irregularities and identify any further violations.
Further investigation in the case is underway.
