FEMA Violations

During the fiscal years between 2012-13 to 2021-22, ED filed a total of 3,985 criminal complaints under the Prevention of Money Laundering Act (PMLA) and 24,893 under the civil law of FEMA.

A few firms based in the British Virgin Islands were dealing with BCCL. The ED has found transactions of about Rs 900 crore, which are now under the lens of the anti-money laundering agency.

US giant Amazon had asked Kishore Biyani-led Future Group to withdraw its complaint in CCI as the two discussed a possible end to bitter tussle over investments, according to sources. Also, the sources said, a possible exit of Amazon - which is contesting the deal between Future group and Reliance Retail - in lieu of compensation was also discussed. Officials of Amazon and Future Group had a meeting a couple of weeks back but the US firm maintained that any suggestion of it seeking compensation to end the tussle with Future is "misplaced and motivated". Amazon, during the meeting that also included Future Group promoter Kishore Biyani, had hinted towards an out-of-court settlement of the ongoing tussle by asking for the withdrawal of Future's complaint over alleged violation of the Foreign Exchange Management Act (FEMA) rules by misrepresenting facts before the Competition Commission of India (CCI), they added. Amazon had asked the Future Group to withdraw the complaint filed by ..

ED had issued a show cause notice to Flipkart, its founders, some investors asking them to explain why they should not face a penalty of $1.35 bn for alleged violation of foreign investment laws

ED said it has seized funds worth about Rs 107 cr of a Chinese-controlled NBFC, engaged in dishing out instant personal loans over an internet-based app, for alleged violation of foreign exchange law

The ED sought information under Section 37 of the Foreign Exchange Management Act (FEMA), which is typically invoked to obtain primary details for initiating a probe

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Exchange said they are yet to receive ED notice

Gautham Sigamani is the second DMK MP after S Jagathrakshakan to have his assets seized for FEMA violations

The central probe agency said on Saturday it raided eight locations in Delhi and Ghaziabad on July 9 under the Foreign Exchange Management Act (FEMA)

The Adjudicating Authority of the ED, an agency officer in the rank of special director, issued a show cause notice amounting to Rs 206 crore to the businessman for alleged contravention of FEMA

Shah was summoned for the second time by ED after failing to appear last week

The ED now wants to attach these funds under the stringent provisions of the Prevention of Money Laundering Act (PMLA).

ED said it has prima facie found that there was violation of FEMA norms by the US-based JP Morgan and a complaint in this regard has been lodged

The premises of a former MLA are also being searched