Foreign Exchange Management Act: News

13 Apr 2022

Xiaomi

Here's why Enforcement Directorate has summoned Xiaomi's Manu Kumar Jain

The Enforcement Directorate has summoned Manu Kumar Jain, former managing director of Xiaomi India, in connection with an investigation under the Foreign Exchange Management Act, according to Reuters.

05 Mar 2020

Mumbai

Jet Airways founder booked for money laundering; ED raids home

The Enforcement Directorate (ED) on Wednesday night raided the home of Jet Airways founder and former Chairperson, Naresh Goyal, after it booked him in a case of money laundering.

Rose Valley case: ED attaches SRK's Kolkata Knight Riders' assets

The Enforcement Directorate has attached properties worth over Rs. 70 crore of three firms in the Rose Valley Ponzi Scheme case.

21 Dec 2019

India

Bank KYC forms to start asking your religion: Here's why

Banks may soon start asking depositors to disclose their religion. What's the need for this?

Amrapali cheated homebuyers, SC asks NBCC to finish their projects

Giving a major relief to nearly 42,000 homebuyers, the Supreme Court on Tuesday ordered state-run National Buildings Construction Corporation (NBCC) to complete unfinished flats of the embattled real-estate group Amrapali.

30 Jan 2019

India

Pakistani singer Rahat Fateh Ali Khan accused of forex smuggling

On Wednesday, the Enforcement Directorate (ED) issued a show cause notice to popular Pakistani singer Rahat Fateh Ali Khan under the Foreign Exchange Management Act (FEMA) for allegedly smuggling foreign currency out of India.

ICICI loans to Videocon: RBI finds no 'quid pro quo'

The Reserve Bank of India had two years back conducted a detailed scrutiny to probe allegations of impropriety in ICICI Bank extending loans to Videocon Group but found no proof of any "quid pro quo" or reciprocal benefits, according to RBI documents.

What can happen to SRK in the FEMA violation case?

Bollywood's King Khan got a show cause notice by the Enforcement Directorate (ED) on Thursday, asking him to appear on August 23 in a foreign exchange violation adjudication case linked with his Kolkata Knight Riders team in the Indian Premier League (IPL).

02 May 2017

India

Antrix-Devas deal: CBI gets nod to prosecute ex-ISRO bosses

The CBI has got the go ahead to prosecute former ISRO and Antrix officials over their alleged involvement in the Antrix-Devas scandal.

14 Apr 2017

India

Shell cos: ED raids CA, CS offices who provided cover

The ED has launched raids on offices of professionals including CAs and CSs in Delhi, who are suspected to have provided legitimate cover to shell companies. Notices were sent earlier.

09 Apr 2017

India

Shell companies: 16 Ahmedabad locations raided over illegal transactions

CBI raided 16 premises in Ahmedabad after 12 people allegedly deposited demonetized notes worth Rs. 100.57cr in shell companies' accounts in Axis Bank.

02 Apr 2017

India

ED's shell firms hunt: Raids over 100 places across India

Enforcement Directorate launched a massive nationwide operation and raided over 100 places across 16 states in a crackdown on shell firms suspected of money laundering on behalf of other businesses/individuals.