Intensifying its clampdown on vi olations of the Foreign Exchange Manage ment Act (FEMA), 1999, the Enforcement Directorate (ED) carried out a series of coordinated search operations across Goa, Delhi-NCR, Mumbai, and Rajkot, uncov ering evidence of systematic forex viola tions, unregulated online gambling, crypto misuse and hawala transactions.
The operations highlight a growing network of financial crimes linked to Goa’s high-tourism and gaming sectors. In the first case, the ED’s Panaji Zonal Office conducted a search on September 26, 2025, at ‘Loja Shamu’ in Mapusa Municipal Market, Goa, following intelligence from Airport Customs regarding the seizure of foreign exchange worth approximately USD 35,000. According to the ED, “During the course of the search, for eign currency equivalent to approximately Rs 3 lakh, Indian currency amounting to Rs 13 lakh (approx), incriminating chits and records of illegal forex transactions, and two mo bile phones were seized. Initial examination of the digital ev idence has revealed telephonic chats and communications which indicate that the shop owner was engaged in unau thorized dealings in foreign exchange, with the total value of such transactions estimated to be around Rs 2–3 crore.” The ED said the seized material provides “strong evi dence of systematic illegal forex trading in violation of the provisions of FEMA, 1999,” and that the records and de vices are under detailed examination to identify the wider network of individuals and entities involved. Further, on September 28 and 29, 2025, the ED carried out searches at 15 premises across Goa, Delhi-NCR, Mum bai, and Rajkot linked to Golden Globe Hotels Pvt Ltd, Worldwide Resorts and Entertainment Pvt Ltd and Big Daddy Casino, Goa. During the raids, cash amounting to approximately Rs 2.25 crore, USD 14,000, and other foreign currencies equiv alent to around Rs 8.50 lakh were seized. Investigations revealed that poker chips were provided to customers in lieu of foreign currency, and winnings were disbursed in foreign currency according to customer requirements. The ED said, “Multiple online casino platforms, namely, rolex777.co, iCasino247.com, play247s.com, Win Daddy, Poker Daddy, among others, were actively promoted by staff members of the casino under M/s Golden Globe Ho tels Pvt Ltd.” It also emerged that crypto wallets belonging to poker players were being used for financial transactions. “The use of angadia services through crypto wallets to facilitate USDT transfers both to Dubai and various locations across the world has been unearthed. Moreover, several mule ac counts were identified as being used for the deposit and withdrawal of gambling winnings, which were subse quently transferred to different individuals abroad.” The ED added, “Different crypto currencies, including USDT of more than Rs 90 lakh, were found and frozen during the action. Incriminating documents and digital evidence have been seized, which establish violations of FEMA provisions as well as linkages with cross-border hawala and crypto transactions. Further investigation is under progress.” This crackdown forms part of the ED’s ongoing efforts to curb illegal currency trading and financial crimes, par ticularly in high-tourism states like Goa, where instances of illegal forex and gambling activities have been on the rise.
