By A Staff Reporter — Chennai: The Enforcement Directorate (ED) conducted extensive search operations on November 11 and 12, 2024, targeting the OPG Group, a Chennai-based business entity, for alleged violations of the Foreign Exchange Management Act (FEMA) of 1999 and Foreign Direct Investment (FDI) regulations. The ED’s Chennai Zonal Office coordinated these searches, which took place across the company’s office premises and the residences of its directors.
The enforcement agency disclosed that during the searches, approximately Rs. 8.38 crore in Indian currency was seized. The seizure involved cash recovered from both the office premises of M/s OPG Group and the private residences of its senior management.
The ED's investigation stems from allegations that the OPG Group engaged in financial activities that breached FEMA regulations, as well as inconsistencies in the handling of FDI. These actions are considered significant given the restrictions that govern foreign currency transactions and direct investment policies in India, designed to ensure transparent and lawful business practices.
The ED's actions align with ongoing efforts to curb violations of foreign exchange laws and to enforce stricter compliance among corporations dealing with foreign investments. The agency is expected to continue its examination of the seized assets and financial records to ascertain the full extent of the alleged violations by the OPG Group. Further investigations are underway to determine if additional regulatory breaches occurred and whether other parties were involved in similar transgressions.
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