ED seizes luxury cars, watches, cash in probe against two brokers
The raids, conducted on Thursday and Friday, targeted premises connected to Mahendra Shah and Megh Shah, officials said. The ED recovered ₹15 lakh in cash, four luxury cars — a BMW X6M, Bentley Continental GT, BMW 730LD, and BMW 328i — as well as imported watches from brands such as Rolex and Cartier, altogether valued at around ₹1.51 crore.
Investigators also seized stamps and cheque books belonging to about 40 entities and companies. The material is being examined, the agency said.
The FEMA probe stems from a March 2025 operation in Ahmedabad, when the Directorate of Revenue Intelligence (DRI) and Gujarat's Anti-Terrorism Squad (ATS) jointly seized around 88 kg of gold — including about 52 kg bearing foreign markings linked to Dubai, Australia, and Switzerland — along with ₹1.37 crore in cash from premises linked to the Shahs in the city's Paldi area.
Following that seizure, the ED launched its investigation and in April 2025 conducted searches at various Ahmedabad locations connected to the accused and their associates, recovering ₹23 lakh in cash and what officials described as 'incriminating documents.' The agency said the latest seizures form part of its continuing probe into suspected illegal foreign exchange transactions and associated assets.
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