ED raids Hawala dealers in Punjab

February 02, 2013 19:33

The Enforcement Directorate has seized cash worth Rs 1.20 crore besides foreign currency after it conducted raids on some suspected Hawala dealers in Punjab.

Sources in the agency said sleuths raided two business firms and their associates in Ludhiana and Jalandhar as they were found to be indulging in large-scale channelling of Hawala funds in India on the directions of people based in the UK, Canada, Dubai and other foreign shores.

Hawala is an illegal mode of money transfer in which criminal and scrupulous elements evade the normal banking and cash transactions channel to avoid being detected and paying taxes.

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