ED probed 17,000 cases under FEMA in 6 years
2 years, 7 months ago

ED probed 17,000 cases under FEMA in 6 years

Hindustan Times  

New Delhi: Last week’s move by the Enforcement Directorate against Chinese phone company Xiaomi, seizing ₹5521 crore held in the company’s bank accounts under the FEMA comes as the agency increases its scrutiny of violations of foreign exchange laws. Over 17,000 cases probed, 27,000 summons issued, 771 raids carried out by ED under FEMA in last six years ED initiated 17,189 investigations under FEMA between 2016-17 and 2021-22, according to government data reviewed by HT, and the financial year ended March 31, may have seen the highest number of investigations, people familiar with the matter said. The central agency also carried out 771 raids, issued 3,610 show cause notices and over 27,000 summons under FEMA to individuals and companies indulging in suspicious transactions in these six years, data reveals. In April 2020, the Centre amended FDI rules under FEMA, which made prior approval of the government mandatory for foreign investments from countries that share border with India, to prevent opportunistic takeover of domestic firms, by the Chinese amid the Covid-19 pandemic.

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History of this topic

ED slaps Rs 567 crore fine on TN firm in FEMA probe
1 month, 3 weeks ago

ED slaps Rs 567 crore fine on TN firm in FEMA probe

New Indian Express  

CHENNAI: The Enforcement Directorate, Chennai, on Friday said it has slapped a penalty of Rs 566.5 crore and ordered the confiscation of properties worth Rs 195 crore of Chennai-based GI Retail Private Ltd for violation of the Foreign Exchange Management Act in a case pertaining to transfer of shares of a company owned by it to German firm Wirecard through …

FEMA probe against fund manager: ED seizes ₹12.96 L forex, trace properties in UK
3 months, 1 week ago

FEMA probe against fund manager: ED seizes ₹12.96 L forex, trace properties in UK

Hindustan Times  

MUMBAI: The Enforcement Directorate has seized foreign currency worth around ₹12.96 lakh during searches conducted as part of its FEMA investigation against Viresh Joshi, a former fund manager at Axis Mutual Fund, for alleged contravention of the forex rules. ED initiated its investigation based on an interim order passed by the Securities and Exchange Board of India, which accused Joshi …

ED issues fresh look-out notice against Byju Raveendran
10 months ago

ED issues fresh look-out notice against Byju Raveendran

The Hindu  

The Enforcement Directorate has issued a fresh look-out notice against edutech entrepreneur Byju Raveendran in connection with the inquiry into alleged violation of the Foreign Exchange Management Act involving ₹9,362.35 crore. In November last year, the FEMA Adjudicating Authority had issued show cause notices to Think & Learn Private Limited, which runs education portal Byju’s, and Mr. Raveendran, based on …

ED requests look out notice against Byju Raveendran, says report
10 months ago

ED requests look out notice against Byju Raveendran, says report

Live Mint  

The Enforcement Directorate has urged the Bureau of Immigration to issue a look-out circular against Byju Raveendran, the founder and CEO of Byju's, the Economic Times reported citing sources. It comes as the agency's Bengaluru office is currently investigating alleged Foreign Exchange Management Act violations against the start-up and its founder, the report said. ED's Previous Actions and Allegations The …

FEMA violation probe: ED requests BOI to issue look out circular against Byju's founder Byju Raveendran
10 months ago

FEMA violation probe: ED requests BOI to issue look out circular against Byju's founder Byju Raveendran

New Indian Express  

NEW DELHI: The Enforcement Directorate has sent a note to the Bureau of Immigration requesting it to issue a revised look-out circular against Byju Raveendran, the founder CEO of the troubled ed-tech firm Byju’s as part of its probe into alleged violation of provisions of the Foreign Exchange Management Act of the case is informed, the sources said. On a …

No FEMA violation found by ED in Paytm Payments Bank case: Report
10 months ago

No FEMA violation found by ED in Paytm Payments Bank case: Report

Hindustan Times  

In the case of Paytm Payments Bank Limited, the Enforcement Directorate has not found any violation under the Foreign Exchange Management Act, The Hindu has reported quoting people familiar with the development. REUTERS/Florence Lo/Illustration//File Photo Only the apex Reserve Bank of India, which, on January 31, prohibited PPBL from onboarding new customers after February 29, cracking down due to ‘persistent …

ED finds no FEMA violation in Paytm Payments Bank case
10 months, 1 week ago

ED finds no FEMA violation in Paytm Payments Bank case

The Hindu  

February 17, 2024 03:00 am | Updated 11:44 am IST - NEW DELHI The Enforcement Directorate has not found any violation under the Foreign Exchange Management Act during the inquiry of Paytm Payments Bank Limited transactions. On January 31, the RBI had issued a circular barring PPBL from taking further deposits, top-ups or undertaking credit transactions into its customer accounts, …

Paytm Payments Bank faces probe over foreign exchange violations
10 months, 1 week ago

Paytm Payments Bank faces probe over foreign exchange violations

India Today  

A case has been filed against crisis-hit Paytm Payments Bank Limited over violation of rules under the Foreign Exchange Management Act. The development comes two weeks after the Reserve Bank of India took strict regulatory action against Paytm Payments Bank and asked it to stop key operations. In its order, the RBI said it initiated regulatory action against Paytm Payments …

ED probing Paytm and bank unit over currency transactions: sources
10 months, 2 weeks ago

ED probing Paytm and bank unit over currency transactions: sources

The Hindu  

India's financial crime-fighting agency is investigating if platforms run by One 97 Communications, also known as Paytm, were involved in violations of foreign exchange rules, two senior Government sources said. The Reserve Bank of India ordered Paytm Payments Bank to wind down most of its businesses, including deposits, credit products and its popular digital wallets, by Feb. 29. The Paytm …

ED issues notices to Xiaomi, 2 senior executives for FEMA 'violations' to the tune of ₹5,551 crore
1 year, 6 months ago

ED issues notices to Xiaomi, 2 senior executives for FEMA 'violations' to the tune of ₹5,551 crore

The Hindu  

The Enforcement Directorate on Friday said it had issued show cause notices to the Indian arm of Chinese mobile phone manufacturer Xiaomi, its chief financial officer and director Sameer B. Rao, former managing director Manu Kumar Jain and three foreign banks for alleged violations of the foreign exchange law to the tune of more than ₹5,551 crore. The adjudicating authority …

ED issues Rs 7,272 crore show cause notice to Transcorp International for FEMA violation
2 years, 8 months ago

ED issues Rs 7,272 crore show cause notice to Transcorp International for FEMA violation

India Today  

Enforcement Directorate has issued a show cause notice to Transcorp International Limited, its director Ashok Kumar Agarwal and managing director Gopal Krishan Sharma for contravention of provisions of Foreign Exchange Management Act to the tune of Rs 7,272 crore. “It was also an authorised person and Indian agent under the Money Transfer Service Scheme License by RBI and was a …

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