The Enforcement Directorate (ED) has seized ₹22 lakh in cash from a Phagwara-based engineering goods export company for allegedly receiving payments through unauthorised channels for shipments to Syria, Iran, Turkey and Colombia, officials said on Sunday.
The searches were conducted on Friday at four premises linked to Opal Engineering Corporation (OEC) by the ED&rsquo;s Jalandhar Zonal Office. 
Officials said the raids led to the recovery of Indian currency, incriminating documents and electronic evidence.
According to the agency, export transactions carried out by the firm were settled in cash both within India and abroad, in alleged violation of the Foreign Exchange Management Act (FEMA), 1999.
The investigation found that while OEC exported goods to multiple countries, the export proceeds were &ldquo;not realised as per guidelines prescribed under FEMA, 1999 and RBI guidelines&rdquo;. 
Instead, the proceeds were allegedly adjusted against payments received from unrelated third parties in different countries and routed through personal accounts.
The ED said there were no tri-partite agreements or documentary proof to justify such adjustment entries. 
The firm had allegedly used a fake Customs email address to claim the authenticity of the transactions.
In a separate case, the ED seized ₹70 lakh in cash and froze 110 mule bank accounts during searches across Delhi-NCR and Jaipur in an investigation linked to a narcotics trafficking and online betting network that used Dubai-based cryptocurrency wallets for fund transfers.
The Delhi Zonal Office conducted the raids under the Prevention of Money Laundering Act (PMLA), 2002. 
The case stems from the seizure of 82.53 kg of cocaine by the Narcotics Control Bureau (NCB) in November 2024, which led to Complaint No. 36/2024 against multiple individuals and entities involved in an international drug trafficking syndicate.
&mdash;IANS

ED officers seize cash during Punjab raid

ED raids Phagwara-based engineering exporter, uncovers cash deals and FEMA violations

ED Seizes ₹22 Lakh From Punjab Export Firm

ED raids Phagwara-based engineering exporter, uncovers cash deals and FEMA violations

November 16, 2025 | 17:45 IST