New Delhi, Aug 11 (PTI) Four luxury cars, a number of imported watches worth Rs 1.5 crore, Rs 15 lakh in cash and some other valuables were seized after fresh searches were conducted in a forex case against a father-son share trader duo in Ahmedabad and Mumbai, the Enforcement Directorate (ED) said on Monday.
The searches were undertaken at premises linked to Mahendra Shah and his son Megh Shah on Thursday and Friday in the two cities, the federal probe agency said in a statement.
Mahendra Shah is reported to be a Mumbai-based share trader.
The ED registered a complaint against the two under the Foreign Exchange Management Act (FEMA), taking cognisance of a Directorate of Revenue Intelligence (DRI) and Gujarat Anti-Terrorist Squad (ATS) case against them related to seizure of about 88 kgs foreign marked gold.
The two agencies (DRI and Gujarat ATS) had conducted a search at their house in Mahalakshmi area of Paldi, Ahmedabad.
"During the fresh searches conducted by the ED, cash of about Rs 15 lakh, four luxury cars like BMW X6M, Bentley Continental GT, BMW 730 Ld, BMW 328i, luxury brand imported watches of Rolex, Cartier brand etc. (valued at Rs 1.51 crore), stamps and cheque books of around 40 entities/companies were seized," it said.
The agency had conducted searches in this case in April and had seized Rs 23 lakh in cash.