Overview
- Searches on October 16 targeted five FFMCs: Prism Forex, Garuda Forex, Sree Vimal Nath Forex, Victory Forex & Travel Services, and Digital Forex.
- Officials seized ₹11.99 lakh in unaccounted Indian cash, foreign currency worth about ₹26.77 lakh, and devices holding records of illicit transactions.
- RBI checks had flagged KYC mismatches, fictitious traveller names, forged flight details, duplicate tickets, and manipulated signatures.
- Many forex sales were recorded against trips to visa‑free destinations such as Indonesia, Maldives, Thailand, and Sri Lanka.
- After licences were surrendered in June–July, Prism Forex, Victory Forex, and Digital Forex allegedly continued operating with forged licences, with a wider FEMA investigation underway.