Real Estate Giant BPTP Under ED Scrutiny for Massive Foreign Investment Violation

The Enforcement Directorate (ED) conducted an extensive search operation on Tuesday at several premises linked to real estate firm BPTP across the Delhi-NCR region. This action was part of an ongoing investigation into alleged foreign exchange violations involving around Rs 500 crore, as revealed by official sources.

According to ED officials, the raids targeted BPTP locations in Delhi, Noida, and Faridabad under the Foreign Exchange Management Act (FEMA). The probe indicated the company accepted foreign investments exceeding Rs 500 crore from Mauritius-based entities during 2007-2008, purportedly breaching FEMA regulations through use of unauthorized financial instruments.

BPTP's spokesperson stated the firm is fully cooperating with authorities and expects to clarify its position in due time. Meanwhile, sources accuse BPTP's CMD Kabul Chawla of holding foreign assets covertly. The investigation has also highlighted multiple FIRs against the company and its directors.