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The Enforcement Directorate (ED) has searched premises linked to real estate company BPTP across the Delhi-NCR region, as part of a foreign exchange violation case involving funds of about INR 500 crore. The probe, launched under the Foreign Exchange Management Act (FEMA), alleges that BPTP received foreign investment from Mauritius-based companies in contravention of the existing rules during 2007-2008. The company's CMD, Kabul Chawla, is also under scrutiny for allegedly holding foreign assets. A BPTP spokesperson stated that the company is fully cooperating with the authorities and is confident its position will be clarified.
The Enforcement Directorate (ED) on Tuesday searched premises related to real estate company BPTP across the Delhi-NCR region. The action was part of an investigation into an alleged foreign exchange violation case involving funds of about INR 500 crore. The searches were carried out under the provisions of the Foreign Exchange Management Act (FEMA), which governs foreign exchange transactions in India. The ED's investigation found that BPTP, a major real estate developer in the NCR, had received foreign investment of more than INR 500 crore under the "automatic route" from foreign companies based in Mauritius during 2007-2008. Advertisement
The ED sources alleged that the company, which is promoted by Kabul Chawla, received this investment through a put option and swap option in "contravention" of the existing FEMA rules and regulations. The sources also alleged that Kabul Chawla anonymously held foreign assets. The ED probe is also looking into multiple First Information Reports (FIRs) registered against the company and its directors across various police stations in Delhi-NCR.
A BPTP spokesperson said that the company was extending its full cooperation to the authorities and that it remained confident that its position would be appropriately clarified in due course. The spokesperson added that the company has always complied with the applicable laws and regulations and is committed to transparency, ethical business practices, and the interests of all stakeholders. The ED's action highlights a joint effort by regulatory bodies to enforce financial discipline in the real estate sector and crack down on financial irregularities.
Source- PTI
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