31-05-2025
- Business
- New Indian Express
Bengaluru ED books top mineral export firm under Fema
The Directorate of Enforcement further added that 'it is also revealed that multiple bank accounts were opened abroad by the SKMEPL directors for parking of funds outside India and for further diversion of funds to these bank accounts for purchase of properties overseas in their and their family members' names.'
The Directorate of Enforcement had initiated investigation based on 'intelligence input received from Income Tax wherein it was prima facie revealed that part of the export proceeds of SKMEPL were diverted by its buyers in the bank accounts of overseas companies wherein the directors of the company were shareholders,' the release said.
'Further, it is understood that Shantesh had acquired immovable property at 9, Hay's Mewa, London, which was valued at EUR 6.4 million, partly out of the said proceeds,' the Central agency added.
