New Delhi, April 25: The Enforcement Directorate (ED) has initiated a large-scale search operation across the country in connection with suspicious fund transfers involving foreign debit cards. This operation took place on April 18 and 19, with raids conducted at six locations in multiple states. The ED provided this information on Friday.
The investigation is being carried out under the Foreign Exchange Management Act and has revealed activities linked to an organization called ‘The Timothy Initiative (TTI)’, which is not registered under the Foreign Contribution Regulation Act in India.
The ED’s inquiry has uncovered that foreign debit cards associated with Truist Bank in the United States were brought to India and used to withdraw cash repeatedly from ATMs in various states. This cash was allegedly spent on activities related to TTI.
During the investigation, 24 foreign debit cards were seized from an individual named Mike Mark, who was stopped at Bengaluru International Airport while entering India with these cards. The Bureau of Immigration acted based on a lookout circular issued by the ED.
The investigation also revealed that these cards were specifically used to withdraw large sums of cash in a suspicious manner in areas affected by left-wing extremism, such as Dhamtari and Bastar in Chhattisgarh. Reports indicate that approximately ₹6.5 crore has been withdrawn from these regions over the past few years.
The ED believes that this activity was operated under an organized network that could promote a cash-based parallel economy, posing a serious threat to national security and financial stability.
Additionally, the investigation found that an online billing and accounting platform was used for managing the withdrawn cash, allegedly operated from outside India. Between November 2025 and April 2026, indications suggest that around ₹95 crore was transferred to India via cards issued by foreign banks.
During the search operation, the ED seized 25 foreign bank debit cards, approximately ₹4 million in cash, and several digital devices along with incriminating documents.
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