ED Raids 15 Locations Linked to CA Naresh Kejriwal in Rs.1,500 Crore Money Laundering Probe

Surat | Gujarat — The Enforcement Directorate (ED) has launched a significant operation targeting the prominent chartered accountant Naresh Kejriwal Group in Ranchi. This extensive raid spans 15 locations, including Ranchi, Surat, and Mumbai, all linked to a money laundering scheme valued at a staggering Rs 1,500 crore.  Officials from the Enforcement Directorate made their way to Surat, the diamond city, to conduct a raid on a prominent yarn manufacturer and a leading POY chip manufacturing group in the area. 

Insider information has come to light that Naresh Kejriwal, a Chartered Accountant based in Ranchi, is recognized for his close ties with a prominent coal trader and politician.

On Tuesday morning, the Enforcement Directorate (ED) launched a series of raids at 15 locations targeting chartered accountant Naresh Kejriwal and his associates, amid allegations of undeclared assets overseas. An official confirmed that the searches are taking place at the premises of Kejriwal, who is also suspected of involvement in hawala operations, along with some of his family members and associates in Ranchi, Mumbai, and Surat, all under the provisions of the Foreign Exchange Management Act (FEMA).

The office of a yarn manufacturing company situated in the Ring Road area of Surat, along with its office and residence in Bhatar, is currently under investigation. The locations being examined in Surat include Export House, Polyester Chips, Polyester Yarn Dyed, Texturizing Yarn, Air Tex Yarn, DTY Nylon Yarn, Polyester Fabric, and Multi Plus Yarn for Carpet. These products are exported to markets in the United Arab Emirates, Nigeria, and the United States.

Who owns the Rs 900 crore deposited in foreign institutions? A Surat company is under suspicion for allegedly transferring money via hawala…

An official from the Ranchi ED has confirmed that this action stems from the findings of the Income Tax Department. The investigation revealed allegations against CA. Naresh Kumar Kejriwal, who is said to be managing undisclosed offshore shell entities located in the United Arab Emirates, Nigeria, and the United States. The involvement of a Surat company in the hawala transactions linked to these shell companies is currently under scrutiny. These entities are deemed fictitious and are effectively operated from India. Authorities have indicated that these assets harbor undisclosed funds exceeding ₹900 crore, with suspicions that around ₹1,500 crore was funneled back to India via “fake” telegraphic transfers.

Kejriwal is also linked to a coal trader and builder in Ranchi, as well as a textile group in Surat. These details emerged during the ED investigation.

Reports indicate that the family of a notable coal trader and ex-politician in the capital maintains strong business connections with Naresh Kejriwal. In a similar vein, Surat’s Textile Export House, which operates a textile park, is channeling its illicit funds into various enterprises such as real estate, the coal industry, and dining establishments. It appears that this syndicate is engaged in construction projects in upscale neighborhoods of Ranchi, including Cheshire Home Road, Vardhman Compound, and PP Compound. These coal traders, builders, and textile groups may soon attract the attention of the ED.