In a significant development, the Directorate of Enforcement (ED) has taken action against businessman Bhupesh Agarwal and his wife, seizing two residential flats worth Rs 2.83 crore in the posh area of Borivli, Mumbai. This action was carried out under the provisions of Section 37A of the Foreign Exchange Management Act, 1999.

The investigation was initiated based on a crucial tip-off, alleging that Bhupesh Agarwal had created and utilised multiple dummy entities to transfer funds to Dubai-based companies without availing any declared services through the Authorised Dealer (AD) banks. Acting swiftly on this information, the ED conducted extensive searches at Bhupesh Agarwal’s premises, as well as those of his linked entities and individuals.