Enforcement Directorate raids 16 sites in McNally Bharat Engineering case

The Enforcement Directorate (ED) conducted searches at 16 locations across Kolkata, Delhi, and Bengaluru regarding an alleged violation of the Foreign Exchange Management Act (FEMA) linked to McNally Bharat Engineering Company Limited (MBECL).

The investigation focuses on the source and movement of funds used to acquire control of MBECL. Authorities are also examining whether the insolvency resolution process was manipulated to allow individuals potentially ineligible under the Insolvency and Bankruptcy Code to regain indirect control of the company. The searches involved premises associated with Sanjay Pasari, who operates in the coal and mining sector, as well as several other connected entities and individuals.