Tamil Nadu: ED Raids India Cements' Chennai Offices Over Alleged FEMA Violations

Chennai: The offices of the India Cements in Chennai were subjected to searches by the Enforcement Directorate (ED) on Wednesday and Thursday in connection with alleged FEMA violations. Sleuths of the central agency were looking for evidence of any irregularities committed under the provisions of the Foreign Exchange Management Act (FEMA), 1999.

Confirming the searches, India Cements informed the stock exchanges that certain officials of the ED visited its corporate office in Chennai on January 31 and February 1 and conducted a search to check for irregularities under FEMA.

“We have provided/ undertaken to provide all the clarification / documents sought by them. We do not anticipate any material impact on the Company with regard to the aforesaid investigation,” the company said.

Meanwhile, in a separate development, the ED said it has provisionally attached immovable properties worth Rs. 34.11 Crore approx., in the form of 4 land parcels, 1 residential land and 1 residential flat located at Coimbatore and Chennai under the provisions of PMLA, 2002, in connection with a bank fraud case of a Coimbatore based firm M/s Lavanya Jewels(later converted to company M/s Lavanya Gold Jewels India Pvt Ltd).