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ED raids Mumbai-based firm for illegal foreign transactions

The Enforcement Directorate (ED) recently carried out search operations in Jaipur, Udaipur, Mumbai, and Delhi related to illegal foreign transactions by a Mumbai-based company called Triton Hotels & Resorts. The searches took place from August 29 to August 31, resulting in significant findings.

During these operations, authorities discovered unaccounted cash amounting to Rs 1.27 crore. Additionally, they seized crucial evidence, including digital records, hard disks, and mobile devices from the locations under scrutiny.

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Involvement of company directors and promoters

The company's directors and promoters, including individuals like Shiv Shankar Sharma and Rattan Kant Sharma, have been implicated in the case under the Foreign Exchange Management Act, 1999 (FEMA). The evidence revealed extensive financial transactions conducted off the books, raising serious concerns.

The material seized during the raids shed light on large-scale transactions that were intentionally concealed from official records. Notably, it was uncovered that the hotels associated with Triton Hotels & Resorts were constructed using unaccounted cash receipts, a practice that violates financial regulations.

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Foreign Direct Investment (FDI) irregularities

The investigation stemmed from credible information indicating that Triton Hotels & Resorts Pvt. Ltd. had received Foreign Direct Investment (FDI) from a Mauritius-based entity named Shivnar Holdings Ltd. The FDI inflow involved significant premiums and underwent multiple revisions, contravening FEMA provisions.

Furthermore, the inquiry suggests that the Triton Group might have been engaged in Hawala transactions, a practice involving the illegal transfer of money across borders. These findings have raised concerns about potential cross-border implications.

The ED's investigation into this case is ongoing, with authorities committed to uncovering the full extent of the financial irregularities and illegal foreign transactions involving Triton Hotels & Resorts.

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