Enforcement Directorate Searches Against Realty Group BPTP In Delhi-NCR
The multiple locations of the Faridabad-based Business Parks Town Planners Pvt. were searched under provisions of the Foreign Exchange Management Act.
The Enforcement Directorate (ED) on Tuesday searched premises related to real estate company BPTP across the Delhi-NCR region as part of a foreign exchange violation case involving funds of about Rs 500 crore, official sources said.
The multiple locations of the Faridabad-based Business Parks Town Planners Pvt. were searched under provisions of the Foreign Exchange Management Act (FEMA), they said.
The company could not be contacted immediately for a response on the ED action.
A probe found that BPTP received foreign investment of more than Rs 500 crore under the 'automatic route' from foreign companies based in Mauritius during 2007-2008 through put option/swap option in 'contravention' of the existing FEMA rules and regulations, according to ED sources.
They alleged that company CMD Kabul Chawla anonymously held foreign assets. Multiple FIRs registered against the company and its directors across various police stations in Delhi-NCR are a subject of the ED probe.
