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Mumbai Customs raided M/s H.M.Forex Pvt. Ltd, arresting Hasan Mohammed Karodia, seizing Rs 7 lakh foreign and Rs 2 crore Indian currency, probing terror funding links.
The authorities said that further investigations have revealed Goga was actively involved in illegal acquisition, possession, and sale of foreign currency smuggled into India through carriers and passengers working abroad. Image for representation
The Mumbai Customs has busted a large hawala racket while raiding premises of M/s H.M.Forex Pvt. Ltd and recovered foreign currency worth Rs 7 lakh and Indian currency of Rs 2 crore, authorities said, adding that the accused has been arrested.
According to the Rummaging and Intelligence Unit (R&I), Unit, of Mumbai Customs, the operation led to a recovery of Foreign worth Rs 7 lakh and Indian currency amounting to Rs 2 crore from Hasan Mohammed Karodia alias Hasan Goga. There were also few fake Indian currency recovered from the premises.
The authorities said that further investigations have revealed Goga was actively involved in illegal acquisition, possession, and sale of foreign currency smuggled into India through carriers and passengers working abroad. “Even terror funding angle cannot be ruled out at the primary stage,” they said, adding that ongoing investigations are ongoing into possible links to the Middle East.
The accused was arrested on Wednesday or offences punishable under the Customs Act 1962, along with violations of the FEMA Act.
The accused was produced before the Esplanade Court and has been remanded to juridical custody.
November 27, 2025, 19:43 IST
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