The Enforcement Directorate searched real estate company BPTP in Delhi-NCR. The searches relate to a foreign exchange violation case. The case involves funds of about Rs 500 crore. BPTP allegedly received foreign investment from Mauritius. This investment occurred during 2007-2008. The investment contravened FEMA rules. CMD Kabul Chawla allegedly held foreign assets anonymously.
The Enforcement Directorate (ED) on Tuesday searched premises related to real estate company BPTP across the Delhi-NCR region as part of a foreign exchange violation case involving funds of about Rs 500 crore, official sources said.
Locations of the Business Parks Town Planners Private Limited (BPTP) in Delhi, Noida and Faridabad were searched under the provisions of the Foreign Exchange Management Act (FEMA), they said.
A probe found that BPTP received foreign investment of more than Rs 500 crore under the “automatic route” from foreign companies based in Mauritius during 2007-2008 through put option/swap option in “contravention” of the existing FEMA rules and regulations, according to ED sources.
A BPTP spokesperson said the company was extending “full cooperation” to the authorities and it remains confident that its position will be appropriately clarified in due course.
A probe found that BPTP received foreign investment of more than Rs 500 crore under the “automatic route” from foreign companies based in Mauritius during 2007-2008 through put option/swap option in “contravention” of the existing FEMA rules and regulations, according to ED sources.
A BPTP spokesperson said the company was extending “full cooperation” to the authorities and it remains confident that its position will be appropriately clarified in due course.
The sources alleged that BPTP CMD Kabul Chawla anonymously held foreign assets. Multiple FIRs registered against the company and its directors across various police stations in Delhi-NCR are also a subject of the current ED probe.
The BPTP spokesperson said the company has always complied with the applicable laws and regulations, and as a responsible corporate, it remains committed to transparency, ethical business practices, and the interests of all stakeholders.
Source: The Economic Times
