The Enforcement Directorate has launched a probe into Vedanta Group for alleged foreign exchange violations, conducting searches at multiple locations.
Key Points
- The Enforcement Directorate has initiated a foreign exchange violation investigation against Vedanta Group.
- Searches were conducted at Vedanta Group's premises in Delhi, Rajasthan, and other locations.
- The investigation is being conducted under the Foreign Exchange Management Act (FEMA).
- Vedanta Group has confirmed the ED action and is cooperating with the authorities.
The Enforcement Directorate has initiated a foreign exchange "violation" investigation against global mining conglomerate Vedanta Group and conducted searches at its premises, officials said on Tuesday.
It is understood that the raids were launched against the business house, promoted by billionaire Anil Agarwal, on Monday.
ED Raids and Locations
Premises located in Delhi and Rajasthan apart from some other locations have been covered, officials said.
The investigation is being conducted under the civil provisions of the Foreign Exchange Management Act (FEMA), they said.
Vedanta's Response to the Investigation
A Vedanta spokesperson confirmed the ED action and said the company was "extending full cooperation to the authorities and are providing all information sought."
"The company remains committed to compliance with all applicable laws and regulations.
"As the matter is currently under regulatory process, we are unable to comment further at this stage," the spokesperson said.
Vedanta's Global Presence
Vedanta Ltd is a leading global producer of metals, critical minerals and technology. The company has operations across India, Africa, the Middle East and East Asia.
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