The Enforcement Directorate (ED) recently conducted extensive search operations across several cities, including Jaipur, Udaipur, Mumbai, and Delhi, spanning from August 29th to September 31st, 2023. The target of these operations was M/s. Triton Hotels and Resorts Pvt. Ltd., M/s. Vardha Enterprises Pvt. Ltd., and their Directors and promoters, notably Shiv Shankar Sharma, Rattan Kant Sharma, and others. The ED initiated this action under the Foreign Exchange Management Act, of 1999 (FEMA).
The investigation was triggered by credible evidence indicating that M/s. Triton Hotels and Resorts Pvt. Ltd. had received Foreign Direct Investment (FDI) from M/s. Shivnar Holdings Ltd. in Mauritius at a significant premium, violating FEMA regulations. Additionally, the Triton Group was suspected of engaging in Hawala transactions with international implications.
During the search operations, the authorities seized unaccounted cash amounting to Rs. 1.27 crore. They also discovered a trove of incriminating documents, including digital evidence, hard drives, and mobile phones, pointing to large-scale transactions conducted off the books. These unaccounted funds were allegedly diverted towards hotel construction.
The ED’s investigation is ongoing, and further inquiries will be carried out to uncover the full extent of the financial irregularities and any potential legal violations related to these entities and individuals.
