Chennai: Enforcement Directorate (ED) has detected illegal forex transactions to the tune of ₹50 crore by two city-based hair export firms. ED on Wednesday carried out searches in three places linked to Nandalala Enterprises and Ram Hair Impex involved in exporting human hair, after ₹1.15 crore was seized from a Senegal national when he arrived at Chennai airport last week.As inquiries revealed that he visits Chennai every two months with large sums of cash and hands it over to the two firms, ED initiated searches under the Foreign Exchange Management Act (FEMA).ED said it seized various incriminating documents and digital records indicating receipt of export proceeds in foreign currency, utilisation of Dubai-based overseas entities for facilitating business transactions with foreign customers, communications relating to hawala transactions, and records pertaining to collections in foreign currency equivalent to more than ₹50 crore.The agency has also seized ₹5.39 lakh in cash, foreign currency amounting to USD 16,823 and EURO 1,860. Further investigation is on.
