Customs seizes Rs 7.63 crore in 26 foreign currencies from unlicensed South Mumbai operator
The unaccounted foreign currency seized from the Null Bazar office of a local forex firm. Pic/By Special Arrangement
Customs (Preventive) officials have uncovered what appears to be one of the biggest illegal foreign-exchange operations in South Mumbai in recent months, after seizing Rs 7.63 crore in unaccounted foreign currency from the Null Bazar office of a local forex firm. The firm’s owner, Hasan Mohammed Koradia, has been arrested and is being questioned to uncover the source and scale of the racket, senior Customs officials told mid-day.
According to investigators, the R&I Wing (HQIU), Mumbai Zone III, carried out the raid on November 25 following specific intelligence that the premises were being used as a cash-heavy, unregistered forex hub. During a prolonged search, officers allegedly found stacks of foreign currency hidden in drawers, cupboards and office bags, along with high-speed counting machines and packing material typically used in illegal cash operations.
A detailed panchanama recorded the recovery of multiple foreign denominations, including US dollars, British pounds, UAE dirhams and euros. “The cash was completely unaccounted for. No licences or supporting documents were produced,” a senior officer said.
During questioning under Section 108 of the Customs Act, Koradia allegedly admitted to running an unauthorised foreign-exchange business since 2009-10 without Reserve Bank of India approval. He reportedly told officers that he bought and sold currency directly from travellers and small agents at negotiated rates and maintained no formal records. Teams are analysing mobile phones, handwritten notes, diaries and digital devices to track buyers, couriers and financiers associated with the alleged racket.
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