In a dramatic development that shook Maharashtra’s silver trade hub, the Enforcement Directorate (ED) carried out a major raid on a prominent silver businessman’s residence and office in Hupari, located Hatkanangale taluka of Kolhapur district, on Saturday, June 21.
The high-intensity operation lasted over 15 hours, triggering widespread discussion and unease among local traders in the region, often dubbed the “Silver Capital.” This marks the first time such a large-scale enforcement action has targeted the city’s silver market, known for its multi-crore daily trade turnover.
The raid took place under tight security, especially in the Mahavirnagar area, which was sealed off from public movement throughout the investigation. Sources indicate that the individual under scrutiny has extensive financial dealings linked not only to silver trading but also to a Nidhi bank operation and investments in Dubai’s share market.
Travel records from the past year reveal frequent international visits by the businessman, drawing ED’s attention to his cross-border financial activities. While specific outcomes of the investigation have not yet been disclosed, the incident has sent shockwaves through the city’s tightly knit silver trading community.
Hupari’s reputation as a major silver hub now finds itself under the national spotlight, as authorities dig deeper into the scale and nature of financial transactions that extend far beyond its borders.
Follow us On Our Social media Handles :
Instagram – https://www.instagram.com/newsdotz/
Youtube – https://www.youtube.com/@NewsDotz
Facebook – https://www.facebook.com/profile.php?id=61573903448264
Twitter – https://x.com/NewsDotz
