Bhubaneswar: The Enforcement Directorate (ED) on Saturday raided the offices and residence of real estate company ‘Z’ director in Odisha in connection with alleged forex violations.
According to sources, the simultaneous searches are underway at 11 places associated with the real estate company, including directors’ offices and residences since Friday under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
As part of the investigation, the ED officials examined several documents. bank passbooks, statements, investment papers, and foreign exchange records in both paper and digital forms.
During the searches, sources of income, origin of transaction initiation points, and contacts through which forex transfers took place were thoroughly scrutinised by the probe team.
Speaking to reporters later, Z Estates MD Tapan Mohanty clarified that the ED officials conducted search operation and not raid.
Searches were carried out at 3-4 places and not 10-11 locations, he said, adding it was a normal routine exercise as the company gets foreign investment.
The ED officials are doing their job and verifying whether all procedures and formalities have been followed and they have not found any incriminating document during the operation, said Mohanty, adding that no illegality has been done by the company.
To a question, he said he has no information about seizure of cash from his house during the search operation.