ED raids offices of Emaar MGF over FEMA violation

NEW DELHI: The Enforcement Directorate on Thursday raided the offices of realty major Emaar MGF in and around Delhi for alleged violation of foreign exchange rules.

Official sources said ten offices of Emaar MGF had been raided in Delhi and Noida in connection with violation of Fema (Foreign Exchange Management Act) regulations and diverting money from abroad to buy agricultural land. They said a team of ED investigators are scrutinising documents and foreign transaction details during the searches.

The realty major said that it had fully co-operated with the investigations. “There was a routine search operation by Enforcement Directorate at some of our premises in Delhi today. We have fully co-operated with the investigation. Most importantly, as inaccurately reported in some media, the investigation has no link to Madhu Koda’s arrest. News related to this is meritless and frivolous. The public is requested to kindly ignore rumours and baseless news,” said an official statement from Emaar-MGF.