Enforcement Directorate's Strategic Seizure in Real Estate Probe

The Enforcement Directorate seized Rs 1.39 crore in cash and documents during a search on an Odisha real estate firm. Conducted under FEMA, the operation spanned Odisha, Delhi, and Gurugram. Z Estates denied wrongdoing, describing the search as routine, with officials verifying adherence to regulations.

The Enforcement Directorate (ED) undertook a significant operation on Monday, seizing Rs 1.39 crore in cash alongside important documents in a strategic move across nine locations in Odisha, Delhi, and Gurugram.

Meticulously executed under the Foreign Exchange Management Act (FEMA), the probe targets an Odisha-based real estate entity, M/s Z Estates Private Limited (ZEPL), among others, to trace sources and channels of foreign exchange transactions.

Following the operation, ZEPL's Managing Director Tapan Mohanty clarified the nature of the ED's activities, emphasizing their routine and procedural regularity to ensure compliance with foreign investment norms, and asserted the absence of any illicit findings.

(With inputs from agencies.)