Hyderabad: Ajaz Farooqi, a city-based logistics entrepreneur, in a statement said there was no truth in allegations that the Enforcement Directorate had conducted raids on him in connection with an alleged Rs 100-crore railway contract fraud.
In a statement, Farooqi said the ED had made inquiries with regard to a foreign direct Investment into a company in which he is not even a director. The ED had informed the Telangana High Court in a writ petition filed by him that proceedings were initiated under Foreign Exchange Management Act and not Prevention of Money Laundering Act 2002.
The HC accordingly brought on record the submissions made by ED counsel and the same was reflected in an order pronounced on August 10, Farooqi added.
Ajaz’s brother Imtiyaz Farooqi in another statement stated that he was not involved in the Enforcement Directorate case or the alleged Rs 100 crore railway contract fraud and no searches or raids were conducted on his premises by the ED on July 30....