By A Staff Reporter
Bhubaneswar: The Enforcement Directorate (ED) conducted search operations at nine locations in Odisha, Delhi, and Gurugram on November 22, 2024, under the provisions of the Foreign Exchange Management Act (FEMA), 1999. The raids were part of an ongoing investigation against M/s Z Estates Private Limited (ZEPL) and others.
During the operations, ED officials seized unaccounted cash amounting to ₹1.39 crore. In addition, several incriminating documents related to the investigation were recovered.
The investigation revolves around suspected violations of FEMA by ZEPL and associated entities. The ED has intensified its efforts to trace financial irregularities and unearth hidden assets linked to the case.
Officials stated that the search operations are part of a broader crackdown on economic offenses, with a focus on ensuring compliance with financial regulations and accountability for entities under scrutiny. Further action is expected as the investigation progresses.
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