<p>The Enforcement Directorate (ED) has slapped a FEMA show-cause notice to Kashmiri businessman Zahoor Ahmed Shah Watali, who was arrested by the NIA in connection with a terror funding case, for suspected illegal forex violations of Rs 62.93 lakh.</p>.<p>According to the ED, the show-cause notice to Watali was on the basis of him receiving foreign currency to the tune of Rs 62.93 lakh in violation of Foreign Exchange Management Act (FEMA)'.</p>.<p>“He was actively working as a conduit for foreign funds of a J&K-based terrorist organisation,” the agency said on Twitter.</p>.<p>A senior ED official said Watali reportedly maintained non-resident external (NRE) and non-resident ordinary (NRO) accounts by misdeclaring himself as an NRI. He later purportedly transmitted foreign remittances of Rs 62,93,711 during 2002-2003 to 2008-2009 in these accounts from overseas destinations.</p>.<p>“Further, he could not provide satisfactory reasoning for the source of funds collected overseas and subsequent remittances to India,” he said.</p>.<p>The National Investigation Agency (NIA) had arrested Watali from Delhi in August 2017, after searches on separatist leaders and others in the Kashmir valley on charges of terror-funding.</p>.<p>The NIA had filed a charge sheet in this case in January this year. The separatist leaders belonging to the Hurriyat Conference have “established a network of cadre” to incite youth to “attack all symbols of Indian sovereignty, especially Indian security forces,” it said.</p>.<p>The accused were receiving funds from Pakistani agencies through hawala conduits like Watali for these activities.</p>.<p>He was an “active channel to receive foreign contributions from Pakistani establishment and terror organisations for further remittances to Hurriyat leaders and secessionists in Jammu and Kashmir to wage a war against the government.”</p>
<p>The Enforcement Directorate (ED) has slapped a FEMA show-cause notice to Kashmiri businessman Zahoor Ahmed Shah Watali, who was arrested by the NIA in connection with a terror funding case, for suspected illegal forex violations of Rs 62.93 lakh.</p>.<p>According to the ED, the show-cause notice to Watali was on the basis of him receiving foreign currency to the tune of Rs 62.93 lakh in violation of Foreign Exchange Management Act (FEMA)'.</p>.<p>“He was actively working as a conduit for foreign funds of a J&K-based terrorist organisation,” the agency said on Twitter.</p>.<p>A senior ED official said Watali reportedly maintained non-resident external (NRE) and non-resident ordinary (NRO) accounts by misdeclaring himself as an NRI. He later purportedly transmitted foreign remittances of Rs 62,93,711 during 2002-2003 to 2008-2009 in these accounts from overseas destinations.</p>.<p>“Further, he could not provide satisfactory reasoning for the source of funds collected overseas and subsequent remittances to India,” he said.</p>.<p>The National Investigation Agency (NIA) had arrested Watali from Delhi in August 2017, after searches on separatist leaders and others in the Kashmir valley on charges of terror-funding.</p>.<p>The NIA had filed a charge sheet in this case in January this year. The separatist leaders belonging to the Hurriyat Conference have “established a network of cadre” to incite youth to “attack all symbols of Indian sovereignty, especially Indian security forces,” it said.</p>.<p>The accused were receiving funds from Pakistani agencies through hawala conduits like Watali for these activities.</p>.<p>He was an “active channel to receive foreign contributions from Pakistani establishment and terror organisations for further remittances to Hurriyat leaders and secessionists in Jammu and Kashmir to wage a war against the government.”</p>
