ED, Bengaluru has carried out search operation under FEMA, 1999, in the case of Mohammed Iqbal & others in the districts of Udupi and Shimoga, Karnataka on 19.06.2025. Incriminating documents found and seized during the search action indicate that Mohammed Iqbal, an NRI and Doha based businessman had remitted funds to the tune of Rs.70 crore to his NRE/ NRO accounts maintained in India and subsequently the said funds were utilised for various purposes in violation of FEMA provisions

"On 19.06.2025, ED, Bengaluru has carried out search operation under FEMA, 1999, in the case of Mohammed Iqbal & others in the districts of Udupi and Shimoga, Karnataka on 19.06.2025. Incriminating documents found and seized during the search action indicate that Mohammed Iqbal, an NRI and Doha based businessman had remitted funds to the tune of Rs.70 crore to his NRE/ NRO accounts maintained in India and subsequently the said funds were utilised for various purposes in violation of FEMA provisions. The investigation revealed that Mohammed Iqbal used the remitted funds for loans given to resident companies, investments in proprietorship concerns, and real estate businesses, among other violations.