FEMA violation: ED raids 50 branches of 10 banks across India
New Delhi [India], Dec. 7 (ANI): To ascertain if there has been any violation with regard to the Federal Emergency Management Agency (FEMA) under the Prevention of Money Laundering Act (PMLA) post demonetisation, the Enforcement Directorate has carried out massive raids in 50 branches of 10 banks across the nation.
According to sources, the Enforcement Directorate is keeping a tab on those account holders, who deposited huge amounts at one time. They also have a strong tip off that several account holders post demonetisation deposited money and changed their black money into white through banks nationwide.
The Enforcement Directorate officials have started to check up those accounts that have suspicious transaction post demonetisation.
However, Enforcement Directorate chief Karnail Singh has strictly instructed his officers not to disrupt the routine work of banks or create any hindrance for the customers.
On the radar of the Enforcement Directorate are those banks and branches where maximum amount of cash in old currency has been deposited. (ANI)