Much before the multi-core investment fraud by Kamakshi Forex came to the fore, the Enforcement Directorate had begun a probe against the firm for alleged violations of the Foreign Exchange Management Act.
Sources said the ED had initiated an inquiry against Kamakshi Forex in February this year based on intelligence inputs.
Though the details of the alleged FEMA violations are not available, but the sources claimed that the ED based on the intelligence inputs had begun its independent inquiry into the alleged violations.
The ED has obtained necessary documents from the concerned government agencies, the sources said adding that the documents are being scrutinized.
Directors of the firm are likely to be summoned in connection with the case
Kamakshi Forex, which has been in the news for duping investors of Rs 30 crore, had permission from the Reserve Bank of India to run foreign currency exchange but not for collecting and depositing money.
On April 15, the economic offence cell of the Goa police had registered an offence under criminal breach of trust, criminal conspiracy and cheating against Nilesh Raikar and directors of Kamakshi Forex for swindling crores of rupees from several depositors.
The police have claimed that over 450 complaints have been lodged and the amount is said to be around Rs 30 crore.
On Monday, around 100 investors gathered outside the police headquarters demanding arrest of Nilesh’s mother Rekha, the director of Kamakshi Forex, and his wife Neelima.
Nilesh, the prime accused in the case, is currently in police custody.
A delegation of investors headed by Dixon Vaz, president of Goan Seamen Association of India, later met EOC SP Priyanka Kashyap in connection with the case.
“He (Nilesh) has only given statements to the police of his properties which have been mortgaged. We have given some clues to the police regarding properties of Nilesh in Mumbai and Bangalore… He has money and he must disclose about it to the police and settle the claims of all the investors,” Vaz said while speaking to media persons.
Demanding arrest of Nilesh’s mother and wife, Vaz said it is up to the investors whether they want back only the invested capital or money with maturities.
“…We feel he (Nilesh) has got the money which should be given back to the investors as soon as possible,” he said.
Kashyap said that they are examining whether the arrest of Rekha and Neelima is required.