FERA Hawala Route Proven, Tribunal Slashes Penalty to ₹50,000

Advertisement Nitya Majumdar Vs Joint Director (Appellate Tribunal Under SAFEMA Delhi) The Appellate Tribunal under SAFEMA partly allowed the appeal of Shri Nitya Majumdar in a long-pending FERA case involving alleged hawala transactions and unauthorized foreign exchange dealings. The case related to a complex scheme where export over-invoicing proceeds were allegedly routed through intermediaries, converted into Bangladesh currency, and ultimately transferred to Singapore without RBI approval. The Tribunal upheld the finding of contravention under Sections 8(1), 8(2), and 9(1)(b) of FERA,...