Jammu, March 7: The Enforcement Directorate Jammu today conducted raids at six residential and business office premises in Jammu city belonging to one Rajesh Kumar Rathore, Mohd Ashraf and their subsidiary companies in connection with Safa Valley projects under violations of provisions of Foreign Exchange Management Act, 1999.
During search, it was found that investments in crypto currencies and foreign investments of more than Rs 2 crores were made by Mohd Ashraf, in Dubai & documents revealed that Mohd Ashraf has also made investments in the immovable properties.
Investigation revealed that Bal Krishan Rathore, an NRI had purchased agricultural land and constructed a multi-storey residential project in the name of Safa Valley, situated at upper Bhatindi through a company named as Boundaries Builders Pvt. Limited and investments of huge amounts were effected from Dubai for Safa Valley project in the form of unsecured loans.
The sale deeds, registration papers of immovable properties, soverign gold bonds were seized during raids.
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