The Enforcement Directorate (ED) has seized four luxury cars, imported watches worth ₹1.5 crore, ₹15 lakh in cash, and other valuables in fresh raids linked to a foreign exchange case involving Ahmedabad–Mumbai share traders Mahendra Shah and his son Megh Shah.
The searches on Thursday and Friday followed a Directorate of Revenue Intelligence (DRI) and Gujarat ATS operation that earlier uncovered 88 kg of foreign-marked gold. The duo’s Paldi home in Ahmedabad’s Mahalakshmi area had also been raided previously.
The latest haul includes a Bentley Continental GT, BMW X6M, BMW 730 Ld, BMW 328i, Rolex and Cartier watches, and stamps and cheque books from about 40 entities. The case is registered under the Foreign Exchange Management Act (FEMA). In April, ED had recovered ₹23 lakh in cash during related searches.