FEMA Cases

The ED has reportedly quizzed the 'top' five sellers of both firms and found that many are former employees or relatives of former associates of Amazon and Flipkart

Hiranandani Group said that the inquiry was related to a 15-year-old matter and it took time to find old records

The Enforcement Directorate has upgraded its Look out Circular (LC) issued against BJYU's founder and CEO Byju Raveendran in connection with a FEMA probe, seeking to stop him for going abroad. The earlier such alert meant that immigration authorities had to just intimate the agency about his movements through various ports. Official sources said that the over an year old LC was revised sometime back in light of investors' concerns and ongoing adjudication of a FEMA contravention case against Raveendran and some others. BYJU's did not comment on the development. Raveendran is currently stated to be in Dubai. The ED has asked the Bureau of Immigration to upgrade the LC against Raveendran so that he is not allowed to go abroad from any Indian land, air or land port before the investigating officer (IO) of the case is informed. Under the new LC, it will be the decision of the IO to either totally stop his foreign travel or allow him to do so after asking some questions and getting ..

The bench of Justice Subramonium Prasad after hearing the all sides, reserved the order and fixed the matter for February 23, 2024 for pronouncement

Enforcement Directorate has urged the Bureau of Immigration for renewed travel restrictions to safeguard investor interests in the Byju's FEMA violation probe

The ED has issued a fresh summons to senior Kerala CPI(M) leader Thomas Issac for questioning in a FEMA case linked to a probe into the alleged violations in the financial dealings of KIIFB during his tenure as the finance minister in the previous LDF government, official sources said Friday. The 71-year-old politician has now been asked to depose at the agency office in Kochi on January 22, they said. He was earlier called on January 12 but he did not turn up. The central agency in December had informed the Kerala High Court that it had withdrawn the summons issued to Isaac. The submissions were made during the hearing of a plea by Isaac and a KIIFB official alleging that only personal information was sought through the summons by ED and seeking quashing of the same. In view of the agency withdrawing the summons, the HC disposed of the petitions but at the same time, the court also said that the ED was free to continue with its investigation into the matter. ED sources said the f

The edtech giant has reached out to all its investors regarding an alleged show-cause notice issued by ED and assured them that the firm has not violated any foreign exchange rules

Rajasthan Chief Minister Ashok Gehlot's son Vaibhav Gehlot on Monday appeared before the Enforcement Directorate in Delhi for questioning in a foreign exchange violation case. The federal agency had issued summons to Vaibhav Gehlot to appear before the investigating officer of the case, at its headquarters on A P J Abdul Kalam road, under the provisions of the Foreign Exchange Management Act (FEMA). The summons are linked to recent ED raids against Rajasthan based hospitality group Triton Hotels & Resorts Pvt. Ltd., Vardha Enterprises Pvt. Ltd. and its directors and promoters Shiv Shankar Sharma, Rattan Kant Sharma and others. The agency had searched the group and its promoters for three days in August at locations in Jaipur, Udaipur, Mumbai and Delhi. Rattan Kant Sharma's alleged links with Vaibhav Gehlot are under the scanner of the ED and the agency is expected to question and record his statement under FEMA. He has been a business partner of Vaibhav Gehlot in a car rental ...

Reliance ADA Group Chairman Anil Ambani on Monday appeared before the Enforcement Directorate (ED) here in connection with an investigation linked to the alleged contravention of the foreign exchange law, official sources said. Ambani, 64, deposed at the office of the federal agency in the Ballard Estate area to record his statement in the case, registered under various sections of the Foreign Exchange Management Act (FEMA), they said. Further details of the case in which Ambani was summoned were not immediately known. The industrialist had appeared before the ED in 2020 in a money laundering case against Yes Bank promoter Rana Kapoor and others.

In the instant money laundering case, the ED has seized Rs 3.14 Crore in cash and frozen a bank balance of Rs. 28.60 crore

The probe is essentially looking at purported foreign direct investment (FDI) violations by the BBC India, sources said

Under the Customs laws, you are required to declare the transaction value, i.e., the price paid or payable for the goods

Issuance of show cause notices as a proportion of investigations has declined in 2018-19

Gautham Sigamani is the second DMK MP after S Jagathrakshakan to have his assets seized for FEMA violations

The central probe agency has charged Shree Ganesh Jewellery House Ltd and its promoters by an order issued by the adjudicating authority of FEMA in Kolkata

The Adjudicating Authority of the ED, an agency officer in the rank of special director, issued a show cause notice amounting to Rs 206 crore to the businessman for alleged contravention of FEMA

Funds will have to adhere to sectoral caps and restrictions applicable to foreign investment in Indian equities

The two cases date back to 2001 and 2002 respectively