Ahmedabad: The Directorate of Enforcement (ED), Ahmedabad Zonal Office, conducted search operations on August 7 and 8, 2025, at multiple locations linked to Mahendra Shah, Megh Shah, and their associates in Ahmedabad and Mumbai under the Foreign Exchange Management Act (FEMA), 1999.

“During the searches cash amounting to Rs. 15 lakhs approx., 04 luxury cars viz. BMW X6M, Bentley Continental GT, BMW 730 LD, BMW 328 I, numerous luxury brand imported watches of Rolex, Cartier etc (total valued at Rs. 1.51 crore), stamps and cheque books of around 40 entities/ companies were found and seized,” according to an official statement.

The raids follow a previous joint operation by the Directorate of Revenue Intelligence (DRI), Ahmedabad and the Anti-Terrorism Squad (ATS), Gujarat, which led to the seizure of approximately 88 kg of gold—around 52 kg bearing foreign markings linked to Dubai, Australia, and Switzerland—along with luxury watches, diamond jewelry, and cash amounting to ₹1.37 crore.

Notably, in April, the ED had also seized ₹23 lakh in cash and various incriminating documents during these operations. The investigation is ongoing. DeshGujarat