ED Cracks Down on BPTP for Alleged Forex Violations

The Enforcement Directorate conducted searches on BPTP in Delhi-NCR regarding foreign exchange violations. The company allegedly involved Rs 500 crore in foreign funds from Mauritius in 2007-2008, bypassing FEMA rules. BPTP's CMD Kabul Chawla is also accused of holding undisclosed foreign assets.

The Enforcement Directorate (ED) intensified its scrutiny on Tuesday by conducting searches at multiple locations associated with BPTP, a prominent real estate company, in the Delhi-NCR region.

The investigation, centered around violations of foreign exchange regulations, involves approximately Rs 500 crore. These searches were conducted under the Foreign Exchange Management Act (FEMA), targeting the Faridabad-based Business Parks Town Planners Private Limited (BPTP).

The probe has revealed that BPTP allegedly received considerable foreign investment from companies in Mauritius during 2007-2008, bypassing existing FEMA rules, a charge levied by ED sources. Meanwhile, multiple FIRs against the company and allegations against CMD Kabul Chawla of anonymous foreign asset holdings add complexity to the case.