Representative image. | Photo Credit: The Hindu The Enforcement Directorate has searched multiple locations in Delhi and Uttarakhand’s Rishikesh and Dehradun as part of an inquiry into alleged violations of the Foreign Exchange Management Act (FEMA) and the Reserve Bank of India (RBI) Master Directions governing money changing activities. The ED developed intelligence that certain licensed full-fledged money changers, their franchisees, and associated entities were engaged in unauthorised foreign exchange transactions. The agency alleges that they were also into “hawala” transactions. “It was alleged that foreign currency was being exchanged outside the licensed framework without adherence to mandatory Know Your Customer (KYC) requirements, prescribed documentation, and invoicing procedures,” said the agency. The searches were carried out at the premises of Ganga Forex Private Limited, JPJN Financial Services Private Limited, Alpine Forex Private Limited, Jai Jeen Forex Private Limited, associated business entities named JPJN Gems Unit, and Vintage India, apart from residential premises of key persons managing the entities in question. During the operation, the agency seized substantial quantities of foreign currency from multiple jurisdictions, equivalent …