Tag: Foreign Exchange Management Act

India's ED conducted searches at VIPS Group of Companies and Global Affiliate Business over allegations of violations of FEMA resulting in the seizure of INR 2 crore in cash & INR 10.38 crore bank balance. Investigation reveals illegal trading, MLM schemes, and money laundering.

Enforcement Directorate has issued show-cause notices worth Rs 5,551 crore to Xiaomi, its CFO and others for violating FEMA. Funds were transferred abroad in the guise of royalty without proper authorization. The ED seized and confirmed the order to seize the company's bank accounts. The accused will pay a penalty after settling under FEMA. Stay informed!

ED conducts searches at 14 locations in Kerala to expose a network of Hawala operators and illegal Forex Dealers involved in unaccounted foreign and Indian currency exchange. Assorted foreign currencies and unaccounted Indian rupees were seized. Further investigation underway.

Enforcement Directorate (ED) search raids on Shree Parvathi Tex (India) Pvt Ltd & Rajendra Patil for FEMA violations uncovered hidden investments in Dubai, Tanzania & the British Virgin Islands. Patil's undisclosed credit of Rs 66.35 crore in offshore entities was revealed by Panama Paper Leaks. The ED also seized bank accounts and documents associated with overseas investments. In a previous case, the ED seized three properties worth Rs 41.64 crore belonging to Zavareh Soli Poonawalla, another name from the Panama Papers. The Chinese firms which routed back money were also targeted last year based on the Panama Paper leaks.