ED Cracks Down on B C Jindal Group for Alleged Overseas Fund Transfers

The Enforcement Directorate (ED) has leveled serious allegations against the B C Jindal group for purportedly transferring a staggering Rs 505 crore out of India through fraudulent transactions. The Delhi-based business conglomerate, known for its influence in the power sector, saw several of its premises raided on September 18-19 under the Foreign Exchange Management Act (FEMA).

Central to the investigation are Shyam Sunder Jindal and his family, who allegedly moved funds to their overseas entity in Dubai under the guise of overseas direct investment. The ED stated it found key documents that suggest these transactions were based on manipulated valuations.

The group's maneuver involved collaborating with related valuers to inflate valuations, facilitating greater remittances. Amid the investigation, Shyam Sundar Jindal, who holds control over finances, remains out of India, citing official business, with his return awaited by authorities keen on progressing the probe.

(With inputs from agencies.)