Bhubaneswar: The Enforcement Directorate (ED) Monday said it has seized Rs 1.39 crore in cash and various incriminating documents during a search operation carried out in nine places of Odisha, Delhi and Gurugram.
The search operation was carried out in places linked to an Odisha-based real estate company under the provision of the Foreign Exchange Management Act (FEMA), 1999.
Taking to X, the ED said: “ED, Bhubaneswar has conducted search operations at 9 locations in Odisha, Delhi and Gurugram under the provisions of FEMA, 1999 on 22.11.2024 in connection with an investigation being carried out against M/s Z Estates Private Limited (ZEPL) & others.”
“During the search operations, unaccounted cash amounting to Rs 1.39 crore and various incriminating documents have been recovered and seized,” the ED said.
During the search, the ED inquired into the sources of income, the origin of transaction initiation points, and contacts through which forex transfers took place.
A day after the operation, Z Estates MD Tapan Mohanty November 23 had clarified that the ED officials conducted a search operation and not a raid.
Searches were carried out at 3-4 places and not 10-11 locations, he claimed, 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.
He also claimed that no illegality had been done by the company.
PTI
