FEMA

The Enforcement Directorate is empowered to seize value equivalent, situated within India, of such foreign exchange, foreign security or immovable property.

According to the ED, an investigation under FEMA was taken up based on a reference received from the Reserve Bank of India (RBI) to check on advance remittances received by certain entities.

The seizure of unaccounted cash of Rs. 3.57 Crores during the search operations has raised further suspicion about the operations of such entities and their blatant violation of the statutory requirements.

The seizure of unaccounted cash of Rs. 3.57 Crores during the search operations has raised further suspicion about the operations of such entities and their blatant violation of the statutory requirements.

JP Morgan has also allegedly violated the Foreign Exchange Management Act (FEMA) regulations, it said. The Apex court had appointed, R Venkatramani, as Court commissioner, in the case

New Delhi: The Enforcement Directorate (ED) has slapped a penalty of over 121 crore rupees on the BCCI, its former...