ED suspects FEMA violations, seeks details of fund source, assets

The Enforcement Directorate (ED) has served notices on at least a dozen non-resident Indians (NRIs) in the past two weeks, seeking information on the source of funds and foreign assets. The federal agency is on a drive to verify if any provision in the foreign exchange law has been flouted.
 
The ED sought information under Section 37 of the Foreign Exchange Management Act (FEMA), which is typically invoked to obtain primary details for initiating a probe.
 
Sources say some NRIs are also being probed under the Black Money Act by the income-tax department after their names featured in