The Enforcement Directorate (ED) has conducted searches in connection with the suspected withdrawal and use of funds through foreign bank debit cards, allegedly bypassing regulatory channels, in a probe linked to ‘The Timothy Initiative (TTI)’ and associated persons. The agency said around ₹95 crore of inflow via such cards has been reported over the past several months.
Under the Foreign Exchange Management Act (FEMA), the searches were carried out on April 18 and 19 at six locations in Assam, Chhattisgarh and other places. “...approximately ₹95 crore was channelled into India by using foreign bank-issued cards during the period from November 2025 to April 2026,” the agency said.
U.S.-based bank
According to the ED, its investigation revealed that debit cards linked to Truist Bank, a U.S.-based bank, were brought into India and cash withdrawn from ATMs through them in different parts of the country. The funds were allegedly used for meeting expenses connected with the activities of TTI, an organisation which is “not registered” under the Foreign Contribution (Regulation) Act.
The agency claimed there was involvement of multiple individuals in different parts of the country even as 24 foreign debit cards were found in the possession of one Micah Mark, who was intercepted by the Bureau of Immigration at Bengaluru international airport against a lookout circular issued by the ED.
