Fema Violations

AIFs' large offshore investor base likely to face more restrictions

Regulators suggest change in FEMA rules to treat such funds as indirect foreign investment

ED raids office, other locations of Hiranandani Group over FEMA violation

The searches were conducted at four to five locations in Mumbai, including the head offices of Hiranandani Group

ED seeks look out circular against Byju Raveendran amid ongoing probes

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

ED conducting searches at India Cements Ltd offices in Fema probe

The Enforcement Directorate has conducted searches at the offices of leading Chennai-based cement manufacturer-- India Cements Ltd.-- as part of a foreign exchange violation investigation, official sources said on Thursday. Two office premises in Chennai and one in Delhi were covered by the federal probe agency over the last two days, as per provisions of the Foreign Exchange Management Act (FEMA), the sources said. The probe pertains to the affairs of its associate company India Cements Capital Ltd (ICCL) and transfer of funds abroad worth about Rs 550 crore, they said. The role of some alleged dubious agents and directors are under the probe scanner of the ED, they said. An official comment from the company to a PTI query is awaited. Founded in 1946, the company said on its website that "while retaining cement over the years as its mainstay, India Cements has ventured into related fields like shipping, captive power and coal mining.

ED sends fresh summons to former Kerala minister in KIIFB masala bonds case

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 The central agency in December had informed the Kerala High Court that it had withdrawn the summons issued to Isaac.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

ED searches Congress' Telangana candidate Vivek Venkatswamy in FEMA case

The Enforcement Directorate on Tuesday searched the premises of Congress candidate from Telangana's Chennur seat Vivek Venkatswamy and some others as part of a foreign exchange violation probe, official sources said. They said the federal agency is undertaking the searches under the provisions of the Foreign Exchange Management Act (FEMA) in Chennur and Hyderabad, they said. The former MP, early this month, had resigned from the BJP and joined the Congress in the presence of party leader Rahul Gandhi in Hyderabad. With declared assets worth over Rs 600 crore, Vivek is the richest politician contesting the November 30 assembly polls in Telangana. Vivek and his wife own movable assets valued at Rs 377 crore, mostly shares in various companies, including his own Visaka Industries, which was founded in 1981. The family's immovable assets stood at over Rs 225 crore. According to the affidavit filed by him, Vivek and his wife have liabilities or loans worth Rs 41.5 crore. Vivek's annu

ED freezes bank balances totalling Rs 31.74 cr for FEMA violation

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

ED issues notices to Xiaomi, 2 senior executives for FEMA violations

The federal probe agency had seized Rs 5,551.27 crore worth of funds of Xiaomi Technology India Private Limited lying in its bank accounts under the FEMA for unauthorised remittance

ED raids BYJU's under FEMA, yet to submit financial results since FY21

The latest funding round news appeared as the company is aiming to repay a huge $1.2 billion term loan B it had secured in November 2021

Will continue to cooperate fully with Indian authorities: BBC on ED probe

The BBC will cooperate fully with the Indian authorities, the UK-headquartered media organisation said on Thursday in response to reports from India of a new investigation launched by the Enforcement Directorate (ED) into alleged foreign exchange violations by the British public broadcaster. A spokesperson for the British taxpayer-funded licence fee-backed media corporation told PTI that the BBC would comply with its obligations for operating in India. The statement came in response to a query about reports that the ED has reportedly called for documents and statements of some company executives under provisions of the Foreign Exchange Management Act (FEMA). "We will continue to cooperate fully with the Indian authorities to ensure that we comply with all our obligations, a BBC spokesperson said. According to official sources in Delhi, the ED probe is reportedly looking at purported foreign direct investment (FDI) violations by the company in India. It follows the Income-Tax (I-T)

ED registered maximum money laundering cases during 2021-22 fiscal: Govt

During the fiscal years between 2012-13 to 2021-22, ED filed a total of 3,985 criminal complaints under the Prevention of Money Laundering Act (PMLA) and 24,893 under the civil law of FEMA.

Bennett Coleman's top managers questioned by ED in FEMA violation: Report

A few firms based in the British Virgin Islands were dealing with BCCL. The ED has found transactions of about Rs 900 crore, which are now under the lens of the anti-money laundering agency.

Amazon asked Future to withdraw FEMA violation complaint before CCI

US giant Amazon had asked Kishore Biyani-led Future Group to withdraw its complaint in CCI as the two discussed a possible end to bitter tussle over investments, according to sources. Also, the sources said, a possible exit of Amazon - which is contesting the deal between Future group and Reliance Retail - in lieu of compensation was also discussed. Officials of Amazon and Future Group had a meeting a couple of weeks back but the US firm maintained that any suggestion of it seeking compensation to end the tussle with Future is "misplaced and motivated". Amazon, during the meeting that also included Future Group promoter Kishore Biyani, had hinted towards an out-of-court settlement of the ongoing tussle by asking for the withdrawal of Future's complaint over alleged violation of the Foreign Exchange Management Act (FEMA) rules by misrepresenting facts before the Competition Commission of India (CCI), they added. Amazon had asked the Future Group to withdraw the complaint filed by ..

Flipkart co-founder Sachin Bansal takes on ED over FEMA violation notice

ED had issued a show cause notice to Flipkart, its founders, some investors asking them to explain why they should not face a penalty of $1.35 bn for alleged violation of foreign investment laws

ED seizes funds worth Rs 107 Cr of Chinese loan app firm for FEMA violation

ED said it has seized funds worth about Rs 107 cr of a Chinese-controlled NBFC, engaged in dishing out instant personal loans over an internet-based app, for alleged violation of foreign exchange law

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

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

Top headlines: Flipkart gets ED notice, Maruti hits chip roadblock

Business Standard brings you the top headlines on Thursday

Enforcement Directorate issues notice to WazirX, directors over FEMA breach

Exchange said they are yet to receive ED notice

ED issues Rs 8.6 cr seizure order against DMK MP for FEMA breach

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

ED raids Delhi-NCR travel firms for alleged fraud, seizes Rs 3.57 cr cash

The central probe agency said on Saturday it raided eight locations in Delhi and Ghaziabad on July 9 under the Foreign Exchange Management Act (FEMA)