ED Searches Against Vedanta Group In FEMA Case

New Delhi: The Enforcement Directorate (ED) has carried out searches at two premises linked to the Vedanta Group in Delhi and Mumbai as part of an investigation under the Foreign Exchange Management Act (FEMA), senior agency officials said on Tuesday.

According to officials, the searches, which have concluded, are related to alleged “brand fee payments made by group entities to their parent company”. The probe agency collected documents and records linked to the alleged transactions being examined under FEMA provisions, they added.

“ED teams searched for one location each in Delhi and Mumbai. The operation began on Monday and has now concluded,” the official said. The authorities are reviewing financial records and agreements connected to the payments. The investigators are examining payments allegedly made for brand usage and whether those transactions complied with foreign exchange regulations.

A Vedanta Group spokesperson said they are cooperating with the authorities. “We are extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage,” the spokesperson said.

Quoting sources, IANS reported that the operation has now concluded, and the officials will now analyse the documents and records collected during the operation before deciding on the next steps in the matter.

Further details are awaited as investigators review the materials collected. The ED was yet to issue an official statement on the searches.