ED Conducts Searches Against BC Jindal Group Under FEMA

The Enforcement Directorate (ED) on Thursday conducted searches against the B C Jindal Group of companies on charges of violation of the foreign exchange law, official sources said.

They said at least 13 premises of the directors and officials of the group located in Delhi-NCR and Hyderabad are being searched under the provisions of the Foreign Exchange Management Act (FEMA).

The ED is investigating suspected FEMA violations by the group entities of the company such as Jindal India Thermal Power Ltd. and Jindal India Powertech Ltd. for its overseas investments and parking of funds in their overseas entities, the sources said.

The company could not be contacted immediately for comment on the ED action.

The business conglomerate has recorded an annual turnover of over Rs 18,000 crore and is a major player in the power sector.