Bhubaneswar: The Enforcement Directorate (ED) sleuths carried out searches on the properties of Z Estates, an Odisha-based real estate firm, in Bhubaneswar and New Delhi on Saturday over illegal transactions in foreign exchange investments.
The officials verified several documents, including bank transactions, investment records, and currency transactions. The central agency is investigating the aspect of financial dealings under FEMA (Foreign Exchange Management Act).
The Managing Director of the real estate firm claimed that the agency had not found or seized any incriminating documents, as the company had followed all guidelines of FEMA and RBI in its foreign exchange deposits.
“This is not a raid, but a search. The searches were carried out at my residence, office, and an associate office in New Delhi. I must declare that no illegality has been done in the foreign investment we have brought under FEMA. All legal procedures have been followed. We have brought foreign investment since 2007, following FEMA and RBI norms. This is a normal practice, and we welcome ED searches. They have not found any incriminating documents during searches on Saturday. They have also given us this in writing. The officials have not found any illegal cash or jewellery, either from my house or my office. Their only aim is to examine the bonafidness of the foreign investment under FEMA,” Z Estate MD Tapan Mohanty told the media.
