Delhi High Court: FEMA does not immunize IPC offences; ₹3,500 Cr Hawala accused can’t escape criminal charges
The case began with a search and seizure by the Enforcement Directorate under Section 37 of FEMA at the petitioners’ premises and during the operation, the petitioners allegedly confessed to illegal hawala transactions worth ₹3,500 crore routed abroad using fabricated documents to remit money to their companies in Hong Kong and Canada.