Foreign Currency Hawala Racket Busted in Mumbai, Rs 2.07 Cr Seized; Middle East Link Under Probe

Mumbai: In a major crackdown, the Mumbai Customs Rummaging and Intelligence (R&I) unit has busted an illegal foreign currency hawala racket operating from the premises of HM Forex Pvt. Ltd.

During the operation, officials recovered foreign currency worth Rs 7 lakh and Indian currency amounting to Rs 2 crore from one Hasan Mohammed Karodia, alias Hasan Goga. Authorities have also seized a small quantity of suspected fake Indian currency, raising serious concerns about potential circulation.

Customs officials confirmed that the seized currencies were illegally smuggled into the country, with early findings pointing to links in the Middle East posing a potential threat to India’s economic security. Preliminary investigations indicate that Hasan Goga was actively involved in the illegal acquisition, possession, and sale of foreign currency smuggled into India by carriers and passengers working abroad.

Officials stated that the terror-funding angle could not be ruled out at this stage. Goga was arrested on November 26 for offences under the Customs Act, 1962, along with violations of the FEMA Act. He was produced before the Esplanade Court and has been remanded in judicial custody.

This operation marks the biggest seizure by Mumbai Customs in the last two decades.

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