8 months ago
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The Enforcement Directorate conducted searches astatine 13 premises linked to the BC Jindal radical successful Delhi and Hyderabad, nether the Foreign Exchange Management Act (FEMA), the bureau said connected Wednesday (September 24, 2025). It is suspected that funds from India person been placed successful overseas entities owned by the radical successful contravention of provisions of the FEMA.
Searches were conducted successful transportation with suspected FEMA violations by radical entities, particularly Jindal India Thermal Power Ltd. (JITPL), Jindal India Powertech Ltd. (JIPL), and Jindal Poly Films Ltd. (JPFL), involving investments overseas and parking of funds successful their ain overseas entities and round-tripping of funds, it alleged.
The bureau said the enquiry is based connected a circumstantial input that the radical entities, beneficially owned by Shyam Sundar Jindal, his woman Shubhdra Jindal, and lad Bhavesh Jindal, remitted ₹505.14 crore to their ain overseas entity, Topaz Enterprise DMCC, Dubai, to get shareholding successful different overseas entity named Garnet Enterprise DMCC (GED) “in the guise of ODI (Overseas Direct Investment).”
Wrote disconnected investments
It is alleged that betwixt 2013 and 2017, JPFL made investments of ₹703.79 crore successful JIPL, which was further invested successful JITPL to acceptable up a coal-based thermal powerfulness works successful Odisha. In 2018-19, JPFL wrote disconnected the investments and sold them astatine a important nonaccomplishment to its ain promoters and radical companies, “which is typically siphoning disconnected nationalist investors’ money, arsenic JPFL is simply a listed entity,” the ED alleged.
Citing respective suspected violations, the bureau said, “It is suspected that BC Jindal radical is routing its ain funds extracurricular the state successful the garb of ODI... According to the data, Shyam Sundar Jindal and his radical entities clasp aggregate overseas entities situated successful the Netherlands, the USA, Belgium, Italy, Luxembourg, Singapore, China, the United Arab Emirates, and Germany. It is suspected that funds from India person been placed successful these overseas entities successful contravention of provisions of the FEMA.”
