The Enforcement Directorate (ED) has carried out a major action in Ranchi, the capital of Jharkhand, on the morning of Tuesday (December 2, 2025). ED conducted raids at several locations of Ranchi’s Chartered Accountant (CA) Naresh Kumar Kejriwal. This major action has been taken under the Foreign Exchange Management Act (FEMA), in which raid operations have been conducted at many locations in Mumbai and Surat district of Gujarat including the Ranchi office of CA Naresh Kumar Kejriwal.
The agency suspects that Naresh Kejriwal was doing hawala and illegal fund transfer on a large scale. This matter came to light when a major revelation was made in the investigation of the Income Tax Department. Investigation revealed that Kejriwal has created several foreign shell companies in the United Arab Emirates (UAE), Nigeria as well as the United States of America (USA). Even though these companies are registered in foreign countries, they were completely controlled from India.
What was revealed in the investigation of Income Tax Department,
The Income Tax Department’s investigation revealed that more than Rs 900 crore of benami money has been deposited in these companies. Not only this, about Rs 1,500 crore has also been sent back to India through fake Telegraphic Transfer (TT). All this money was allegedly circulated through Hawala channels. Because information about these foreign assets and companies was not given in any document or return in India. Therefore, the agency suspects that these have been used to convert black money into white and hide illegal transactions.
The main objective of this raid campaign of the Enforcement Directorate (ED) is to take possession of those digital data, mobile phones, laptops and all other documents, from which evidence of this big cross-border money transfer racket can be obtained.
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