By Our Correspondent
NEW DELHI: In a big shock to Industralist Anil Agarwal, Enforcement Directorate (ED) on Tuesday conducted searches at premises linked to Vedanta Group in connection with an alleged foreign exchange violation case.
The searches are being carried out under provisions of the Foreign Exchange Management Act (FEMA) as part of an ongoing investigation.
The Enforcement Directorate carried out search operations at Vedanta Group offices/premises, mainly in Delhi and Mumbai (reports also mention Rajasthan and other locations). The searches began on Monday (June 1) and continued into Tuesday. Some reports indicate they have concluded.
Investigation under the Foreign Exchange Management Act (FEMA). It relates to alleged violations involving cross-border payments, specifically brand fee/royalty payments made by Vedanta group entities (like Vedanta Ltd.) to its parent company, Vedanta Resources (based outside India)
Not fully detailed publicly yet. ED is examining documents and records related to these remittances for compliance with foreign exchange rules. No arrests or specific amounts have been reported so far.
