The Directorate of Enforcement (ED), Jalandhar Zonal Office, carried out search operations on November 14th at four locations in Phagwara linked to Opal Engineering Corporation (OEC), a firm engaged in exporting engineering goods, ED said on Sunday.

According to the ED, preliminary findings indicate OEC exported consignments to nations including Syria, Iran, Turkey and Colombia but did not realise export proceeds in accordance with the Foreign Exchange Management Act (FEMA), 1999 and RBI Master Circulars. Investigators say the company allegedly adjusted export invoices against payments routed from unrelated third parties across different countries, with funds credited into personal bank accounts rather than through proper export realisation channels.

The probe also found no tri-partite agreements or documentary evidence to justify those adjustment entries, the agency said. It has also been alleged, that the firm used communications sent to a fake Customs email address to substantiate the transactions. Evidence gathered during the searches further suggests several export deals were partly settled in cash, both within India and abroad.

During the raids, ED teams recovered ₹22 lakh in Indian currency along with incriminating documents and electronic evidence, which have been seized for forensic examination. The Enforcement Directorate said the investigation is ongoing and that further action will follow as the financial trail is examined.