Enforcement Directorate raids ten offices of Emaar MGF
ED conducted searches on the premises of realtor Emaar MGF in connection with the multi-crore illegal Hawala case. Madhu Koda scam | How Hawala trades executed
By PTI |
NEW DELHI: The Enforcement Directorate on Thursday conducted searches on the premises of realtor Emaar MGF in connection with the multi-crore illegal Hawala and investment case involving former Jharkhand chief minister Madhu Koda, PTI reported.
The search followed the Enforcement Directorate reportedly finding certain documents that showed Koda's associates on the board of certain Emaar group companies, ED sources said.
Emaar MGF is a joint venture between Dubai-based Emaar Properties and India's MGF Development, and is the main company involved with the Commonwealth Games construction project.
Sources said one of Koda's associates, Vikash Sinha, who is in judicial custody, has told the agency that he and some others had invested on behalf of Koda in the same companies.
Sources said that the raids began this morning after the Enforcement Directorate received information about the group being involved in Foreign Exchange Management Act (FEMA) violations, according to a report.
The sources further said that the raids on the offices are taking place across various locations in the National Capital Region (NCR).
They said Emaar MGF is being held accountable for allowing money to go out of the country in violation of FEMA regulations and also for allowing money to come into the country in violation of foreign exchange rules.
When contacted, an Emaar MGF spokesperson did not offer any comments.
The search followed the Enforcement Directorate reportedly finding certain documents that showed Koda's associates on the board of certain Emaar group companies, ED sources said.
Emaar MGF is a joint venture between Dubai-based Emaar Properties and India's MGF Development, and is the main company involved with the Commonwealth Games construction project.
Sources said one of Koda's associates, Vikash Sinha, who is in judicial custody, has told the agency that he and some others had invested on behalf of Koda in the same companies.
Sources said that the raids began this morning after the Enforcement Directorate received information about the group being involved in Foreign Exchange Management Act (FEMA) violations, according to a report.
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The sources further said that the raids on the offices are taking place across various locations in the National Capital Region (NCR).
They said Emaar MGF is being held accountable for allowing money to go out of the country in violation of FEMA regulations and also for allowing money to come into the country in violation of foreign exchange rules.
When contacted, an Emaar MGF spokesperson did not offer any comments.
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