Mumbai: All suspicious overseas remittances by non-resident Indians (NRIs) and irregular fund movements within their bank accounts are under the scanner.
In the past three months, about 50 NRIs are understood to have received notices from the Enforcement Directorate, asking them to explain the source of money, origin or point of remittance, and sometimes directing them to appear in person before a directorate official.
Many such persons who have been served notices are settled abroad for years.
Over a period of time they have invested in properties, fixed deposits, stocks and other assets here. They either redeem these investments or sell them from time to time and transfer the money to their bank accounts abroad.
But not all money movements have been kosher, according to people familiar with the ongoing fund tracking exercise.
“There are cases where source of earning is unknown, more than permissible amount has been remitted, money has gone into trading of land, while round tripping is suspected in some transactions,” an ED official told media.
