New Delhi, Aug 26 (PTI) The Enforcement Directorate (ED) conducted searches across multiple premises of the real estate company BPTP in the Delhi-NCR region on Tuesday. This was part of a probe into alleged foreign exchange violations involving a sum of around Rs 500 crore, official sources revealed.
The searches targeted various locations of the Faridabad-headquartered Business Parks Town Planners Private Limited (BPTP) under the Foreign Exchange Management Act (FEMA). The company was not immediately available for comment regarding the ED's actions.
According to ED sources, investigations uncovered that BPTP had received foreign investments exceeding Rs 500 crore via the "automatic route" from companies based in Mauritius during 2007-2008. This was reportedly done through put option swaps, allegedly contravening existing FEMA rules and regulations.
The sources further alleged that Kabul Chawla, the company's Chairman and Managing Director, held foreign assets anonymously. Additionally, multiple FIRs have been registered against the company and its directors in various police stations across Delhi-NCR, which are now under the ED's scrutiny.
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