According to an ED official, these companies were suspected to be involved in dubious and illegal transactions during demonetisation.
"Several top business houses being searched in various cities such as Mumbai, Delhi, Chennai, Bengaluru and Kolkata," the official told IANS.
The raids are being carried out under the Prevention of Money Laundering Act (PMLA) and the Foreign Exchange Management Act (FEMA) to investigate instances of money laundering and illegal foreign exchange transactions.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
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