ED seizes ₹1 crore cash, 1.6 kg gold, 80 kg silver in FEMA raids on Anas Group in Ahmedabad

The Enforcement Directorate (ED) has seized Indian currency worth ₹1.01 crore, foreign currency equivalent to ₹33.34 lakh, 1.6 kg of gold in the form of 16 bars, and approximately 80 kg of silver comprising 168 bars, during searches conducted at multiple premises linked to the city-based Anas Group.

According to officials, the gold bars bearing foreign markings have an estimated market value of around ₹2.5 crore, while the seized silver is valued at approximately ₹2 crore. In addition to the bullion and cash, investigators also recovered documents and records allegedly revealing foreign properties in Dubai linked to partners of the Anas Group and their family members.

The searches were carried out across nine locations in Ahmedabad under the provisions of the Foreign Exchange Management Act (FEMA), 1999. The premises covered included offices and residential properties of the group and its key partners.

The Anas Group is engaged in tobacco processing, packaging and manufacturing, operating under brand names such as Amber Tobacco, Umda Tobacco and Sama Filter Khaini.

ED officials said the action was part of an ongoing investigation into alleged contraventions of FEMA provisions, including suspected irregularities in foreign exchange transactions and overseas investments. The agency is examining the seized documents to ascertain the extent of foreign assets and the source of funds used for acquiring them.

Further investigation is under way.