All posts tagged: FEMA investigation

Enforcement Directorate (ED) searches Vedanta-linked premises in Mumbai and Delhi in FEMA probe

Enforcement Directorate (ED) searches Vedanta-linked premises in Mumbai and Delhi in FEMA probe

The Enforcement Directorate (ED) has conducted 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, reported IANS.  Disclaimer: We do not own any of the content, ideas, images, or text presented here. All rights belong to their respective owners. For more information and to view the original source, please visit the following link: Source link

ED shortlists 5 sellers each on Amazon, Flipkart for probe, flags unfair practices | India News

ED shortlists 5 sellers each on Amazon, Flipkart for probe, flags unfair practices | India News

The Enforcement Directorate (ED), which searched 19 premises associated with vendors on Amazon and Flipkart, has identified a total of 10 such sellers for investigations. Sources told The Indian Express that the top five sellers on the platform of each e-commerce giant have been put under the scanner for unfair practices and alleged violation of the Foreign Exchange Management Act. Officials said ED is probing financial links between the vendors and the companies. The agency suspects this link goes beyond that of a platform and vendor. “During searches, relevant documents have been seized from the premises of the 10 sellers and are being examined. These are sellers who are suspected to have got preferential listing on the platforms. We also believe the platforms and the sellers are linked,” an official said. Agency sources said the operations of Amazon and Flipkart are suspected to be in violation of rules under which the companies brought in foreign direct investment (FDI). It is this FDI that has allowed the ecommerce giants to offer significant discounts on products, sources …