ED Raids Confront Jindal Group Over Foreign Exchange Violation Allegations

The Enforcement Directorate conducted searches on the B C Jindal Group for alleged foreign exchange law violations. Authorities raided 13 sites across Delhi-NCR and Hyderabad related to the group's overseas investments and fund parking issues. The company's annual turnover exceeds Rs 18,000 crore, highlighting its power sector influence.

The Enforcement Directorate (ED) launched an extensive search operation against the B C Jindal Group of companies over suspected violations of the foreign exchange law, official sources revealed. This move underscores the seriousness of the case in the eyes of regulatory authorities.

At least 13 premises associated with the company's directors and officials, situated in Delhi-NCR and Hyderabad, have come under scrutiny. These searches are being conducted under the provisions of the Foreign Exchange Management Act (FEMA), which underscores the complexity and potential severity of the alleged offenses.

The investigation is focused on overseas investments and the parking of funds by group entities such as Jindal India Thermal Power Ltd. and Jindal India Powertech Ltd., according to the sources. Despite repeated attempts, the company was not available for immediate comment on the ongoing ED actions. The B C Jindal Group, known for its major influence in the power sector, has an impressive annual turnover surpassing Rs 18,000 crore.

(With inputs from agencies.)