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2 clusters · 5 sources · 3 days · First seen · Last updated

Enforcement Directorate investigation into McNally Bharat

Overview

The Enforcement Directorate (ED) conducted searches at 16 locations in Kolkata, Delhi, and Bengaluru as part of an investigation into McNally Bharat Engineering Company Limited (MBECL). The probe focuses on alleged violations of the Foreign Exchange Management Act (FEMA) regarding the source and movement of funds used to acquire control of the company.

Authorities are also investigating whether the insolvency resolution process was manipulated to allow individuals who may be ineligible under the Insolvency and Bankruptcy Code to regain indirect control of MBECL. The searches included premises linked to Sanjay Pasari, who operates in the coal and mining sector, along with other connected entities and individuals.

Entities

Enforcement Directorate · Greater Mohali Area Development Authority · Aam Aadmi Party · Jagmohan Garg · Tirupati Infra Projects

Timeline

  1. [CRIME] 3 sources
    Enforcement Directorate raids 26 locations in Tirupati Infra Projects fraud case

    The Enforcement Directorate raided 26 locations in India regarding a Rs 238 crore bank fraud linked to Tirupati Infra Projects and alleged collusion with GMADA officials.

  2. [CRIME] 2 sources
    Enforcement Directorate raids 16 sites in McNally Bharat Engineering case

    The Enforcement Directorate searched 16 locations in India during a FEMA investigation into funds used to acquire McNally Bharat Engineering Company Limited.

Sources

desitalkchicago.com · dtnext.in · newsable.asianetnews.com · sentinelassam.com · socialnews.xyz