ED Chennai Intensifies Crackdown on Financial Crimes

The Chennai Zonal Office of the Enforcement Directorate (ED) conducted a raid on the OPG Group for violating FEMA and FDI regulations. Approximately Rs. 8.38 crore was seized. Concurrently, a property worth Rs. 12.73 crore, implicated in land grabbing, was restituted to its rightful owner amidst anti-money laundering investigations.

The Chennai Zonal Office of the Enforcement Directorate embarked on a significant operation against the OPG Group, probing violations of the Foreign Exchange Management Act (FEMA), 1999, and Foreign Direct Investment (FDI) norms. The operations, conducted over two days, resulted in the seizure of an approximate Rs. 8.38 crore.

According to a statement released on X by the ED, the searches took place on November 11 and 12, targeting the business premises of OPG Group and the homes of its directors. The agency further announced the restitution of a property valued at Rs. 12.73 crore in Chennai's Saidapet Taluk to its legitimate owner, aligning with ongoing efforts to return the Proceeds of Crime.

The ED, acting on a complaint registered by the Central Crime Branch, Chennai concerning illegal land grabbing, discovered malpractices where properties were fraudulently sold to third parties. Following a provisional attachment order issued in March 2017, the agency filed a prosecution complaint, which was acknowledged by the Principal Sessions Judge Court, Chennai.

The enforcement body emphasized that the market valuation of the restituted property now stands at Rs. 12.73 crore. The agency's ongoing mission to tackle financial crimes and ensure justice for victims remains steadfast, highlighting the importance of these actions in deterring future illegal activities.

(With inputs from agencies.)