BHUBANESWAR: Enforcement Directorate (ED) sleuths on Saturday conducted searches in the offices and residence of the executive director of Z Estates, an Odisha-based real estate company, for suspected illegal transactions and huge investments out of foreign exchange deposits.
ED officers said they scrutinised documents, papers and digital transactions pertaining to forex investments in the company. They thoroughly examined all papers to see if there was any incriminating material, including bank documents, financial statements, investment records and foreign currency transactions in both physical and digital formats.
The central agency is enquiring into revenue sources, transaction origin points and the intermediaries involved in forex transfers. Additionally, investigation is underway to determine if any prominent individual assisted the group in facilitating unlawful financial dealings. ED is executing these searches with discretion and confidentiality.
Company’s executive director, Tapan Mohanty, told the media, “We have brought foreign investment since 2007. We have all compliances — FEMA (Foreign Exchange Management Act) permission, RBI declaration and regulatory. There is no illegality. It was not a raid but a routine search at three places, including my residence. We have followed all regulations. There may be some complaint.”
He added that the ED searches were meant to check the authenticity of inward and outward foreign transactions. ED has not made any official comment on the searches.
In Sept last year, the economic offences wing (EOW) of the state crime branch grilled Mohanty. EOW then examined certain documents pertaining to the construction of a posh apartment in Raghunathpur.
