ED Raids Vedanta Group Over Alleged FEMA Violations

The Enforcement Directorate raided Vedanta Group under the Foreign Exchange Management Act. While specifics remain undisclosed, Vedanta assures full cooperation and compliance. The company, a major player in India's natural resources sector, refrains from further comments pending regulatory review.

The Enforcement Directorate (ED) conducted raids on the Vedanta Group's premises on Tuesday, officials announced, as part of a probe under the Foreign Exchange Management Act (FEMA). The specifics of the alleged violations have not been disclosed by the agency.

A spokesperson from Vedanta confirmed the development, stating that the company is fully cooperating with authorities and providing all requested information. "We are committed to compliance with all applicable laws and regulations," the spokesperson affirmed, emphasizing their ongoing cooperation with the regulatory process.

As one of India's leading diversified natural resources companies, Vedanta Limited produces zinc, aluminum, copper, iron ore, oil and gas, steel, and power. The company declined to comment further as the investigation progresses. More details are awaited.