The Enforcement Directorate (ED) Friday said it has busted an illegal foreign currency transaction racket with the seizure of Indian and foreign currencies worth Rs 1.83 crore from a Jaipur-based currency operator.

"Harish Bhatija of Harish Forex (P) Ltd., Jaipur is authorised by the RBI for legal purchase and sale of foreign currency, but in the garb of this authorisation, the owner was running a racket of illegal collection of foreign currency," the agency said in a statement.

It said sleuths of the agency's Jaipur zonal unit detected that illegally collected or acquired foreign currencies were being "sent to other cities like Ahmedabad, Mumbai among others by Bhatija with the help of his employee Kamal Bhandari".

It was detected, the agency said, that the courier used to take such illegally collected foreign currencies to various cities using public bus or train.

Bhandari was apprehended Thursday in Jaipur with currencies of 11 countries, including USD and Euro, worth Rs 60 lakh and subsequently the office and residence of Bhatija were searched that led to the recovery of foreign currencies worth Rs 33 lakh and Indian currency of Rs 90 lakh.

The total value of the currencies seized is Rs 1.83 crore and a case under the Foreign Exchange Management Act (FMA) has been filed, it said.

"Incriminating documents and electronic devices reflecting illegal dealings in foreign exchange were also recovered and seized during the course of searches," the agency said.

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