New Delhi/Kohima, November 4 (MExN): The Enforcement Directorate (ED) on Tuesday conducted simultaneous searches in Nagaland, Assam, and Tamil Nadu as part of a FEMA investigation into alleged illegal financial transactions linked to human hair exports, the PTI news agency reported.
Two premises each in Dimapur and Guwahati and three in Chennai were reportedly searched under the provisions of the Foreign Exchange Management Act (FEMA).
This is the first such action under the law by the ED Nagaland office, the report said, quoting officials.
The probe reportedly involves Lima Imsong and others. It was found that Imsong Global Suppliers Co., a sole proprietorship owned by Lima Imsong, received foreign inward remittances under the pretext of exporting human hair—an activity considered uncommon and commercially “unviable” in Dimapur, the report said.
Despite the lapse of considerable time, the entity allegedly failed to submit mandatory export documentation, such as shipping bills and export invoices, to the authorised dealer bank within prescribed timelines, it added, further citing ED officials.
Such non-fulfilment of export obligations and suppression of documents are violations of FEMA and RBI guidelines.
The probe further revealed that foreign remittances received in Imsong Global’s bank account were allegedly diverted to Inchem India Pvt. Ltd., also owned by Lima Imsong, as well as to his personal accounts and those of family members, the report noted.
Officials added that money in Inchem India Pvt. Ltd.’s account was further “diverted” to certain “suspicious” entities engaged in the human hair trade in Chennai and investigations are ongoing, it added.
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