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<p data-start="80" data-end="381"><span style="font-family: georgia, palatino, serif; font-size: 12pt;">The Enforcement Directorate (ED) conducted raids at three locations in Karnataka linked to Doha-based businessman Mohammed Iqbal as part of an investigation into alleged violations of the Foreign Exchange Management Act (FEMA). The searches took place on June 19 in the Udupi and Shivamogga districts.</span></p>
<p data-start="383" data-end="810"><span style="font-family: georgia, palatino, serif; font-size: 12pt;">According to officials, the raids led to the seizure of various incriminating documents and digital evidence suggesting irregular foreign exchange transactions. Investigations revealed that Iqbal, who runs a manpower services business in Doha, transferred approximately ₹70 crore over several years from five of his business entities in Doha to his NRE (Non-Resident External) and NRO (Non-Resident Ordinary) accounts in India.</span></p>
<p data-start="812" data-end="1127"><span style="font-family: georgia, palatino, serif; font-size: 12pt;">Authorities allege that these funds were later diverted in violation of FEMA rules, including extending loans to resident companies, investing in local proprietorships and firms involved in real estate, purchasing agricultural land, and advancing money to individuals for land acquisitions and development projects.</span></p>
<p data-start="1129" data-end="1182"><span style="font-family: georgia, palatino, serif; font-size: 12pt;">The ED is continuing its investigation into the case.</span></p>
<p data-start="1184" data-end="1583" data-is-last-node="" data-is-only-node=""><span style="font-family: georgia, palatino, serif; font-size: 12pt;">In a related development, the Karnataka High Court recently quashed a FEMA violation complaint and show-cause notice issued to the NGO Greenpeace Environment Trust and Greenpeace India Society on June 20. Additionally, on April 15, the High Court directed Google India and three of its top executives to deposit 50% of the penalties levied for alleged FEMA violations in the form of bank guarantees.</span></p>
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The Enforcement Directorate (ED) conducted raids at three locations in Karnataka

₹70 crore FEMA violations uncovered in Karnataka raids on NRI Mohammed Iqbal's properties

ED Raids Doha-Based Bizman in FEMA Case

₹70 crore FEMA violations uncovered in Karnataka raids on NRI Mohammed Iqbal's properties

June 24, 2025 | 09:54 IST