The Enforcement Directorate ( ED ) has recently carried out extensive searches under the provisions of the Foreign Exchange Management Act, 1999 ( FEMA ) at various locations associated with a shipping and logistics company.
These searches have led to the discovery of significant evidence and the freezing of multiple bank accounts.
During the raids conducted by the ED, which were authorized under FEMA, 1999, several premises belonging to M/s. Capricornian Shipping & Logistics Pvt Ltd and its directors, as well as associated entities including M/s. Laxmiton Maritime, M/s. Hindustan International, M/s. Rajnandini Metals Limited, M/s. Stawart Alloys India Pvt Ltd, M/s. Bhagyanagar Limited, M/s. Vinayak Steels Limited, and M/s. Vashishta Constructions Pvt Ltd, were thoroughly searched. Additionally, the directors/partners Sandeep Garg, Vinod Kedia, and others were also subject to scrutiny.
The searches conducted by the ED yielded a significant amount of incriminating documents, digital devices, and unexplained cash totaling Rs. 2.54 Crore. Furthermore, as part of the investigation, 47 bank accounts have been frozen, indicating a broader financial probe into the activities of the entities and individuals involved.
The discoveries made during these raids have raised serious questions about the financial transactions and operations of the entities under investigation. The freezing of bank accounts signals a deepening probe into possible violations of FEMA regulations and financial irregularities. The ED is set to continue its investigation to unearth further details and take necessary legal actions based on the evidence collected.
Support our journalism by subscribing to Taxscan premium. Follow us on Telegram for quick updates
