Forex cash supply racket case: ED conducts searches in Chennai

Chennai, Jul 15 (PTI) The Enforcement Directorate (ED) on Wednesday conducted searches at some Chennai-based entities that were allegedly receiving foreign currency in cash from a network operating from abroad, officials said. They said the action under the Foreign Exchange Management Act (FEMA) stems from the interception of a Senegalese national in Tamil Nadu's capital last week with US dollars worth about Rs 1 crore. The foreigner is stated to have told the investigators that some local entities were regularly supplied cash through this mode. The ED is searching at least three such entities that were receiving forex in cash from foreigners, the officials said. PTI NES RC