Lagatar24 Desk
Kolkata: The Enforcement Directorate has launched raids at 16 locations across Kolkata, Delhi and Bengaluru under the Foreign Exchange Management Act (FEMA), 1999, in connection with a foreign exchange irregularity case involving McNally Bharat Engineering Company Limited (MBECL) and its associated entities.
Several Individuals and Companies Under Scanner
The searches have brought Sanjay Pasari, Rajiv Pasari, Todi and Sudhir Satnaliwala into the ED’s scanner in connection with the alleged forex irregularities. Companies named in the case include BTL EPC Limited, Mandal Vyapaar Pvt Ltd, Trolex India Pvt Ltd, CEMFIL Enterprises and Mahabaleshwar Merchants Pvt Ltd.
Probe Focuses on Fund Sources and Possible IBC Violations
The investigation is examining possible violations of FEMA regulations, along with the source and movement of funds used to gain control of MBECL. The agency is also probing whether the insolvency resolution process was misused to indirectly restore control of the company to individuals who could otherwise be disqualified under Section 29A of the Insolvency and Bankruptcy Code, 2016. Searches and investigation in the matter are ongoing.
