ED searches against realty group BPTP in Delhi-NCR

The Enforcement Directorate on Tuesday searched premises related to real estate company BPTP across the Delhi-NCR region as part of its probe into a foreign exchange violation case involving funds of about Rs 500 crore, official sources said.

Locations of the Business Parks Town Planners Private Limited (BPTP) in Delhi, Noida and Faridabad were searched under the provisions of the Foreign Exchange Management Act (FEMA), they said.

A probe found that BPTP received foreign investment of more than Rs 500 crore under the ''automatic route'' from foreign companies based in Mauritius during 2007-2008 through put option/swap option in ''contravention'' of the existing FEMA rules and regulations, according to ED sources.

A BPTP spokesperson said the company was extending ''full cooperation'' to the authorities and it remains confident that its position will be appropriately clarified in due course.

The sources alleged that BPTP CMD Kabul Chawla anonymously held foreign assets. Multiple FIRs registered against the company and its directors across various police stations in Delhi-NCR are also a subject of the current ED probe.

The BPTP spokesperson said the company has always complied with the applicable laws and regulations. As a responsible corporate, the company remains committed to transparency, ethical business practices, and the interests of all stakeholders, the spokesperson added.

Later, BPTP president Rohit Mohan said the matter pertains ''solely to historical investments made in 2007-“08 by CPI India I Ltd., a Citi Group entity and Harbour Victoria Investment Holdings Ltd, a JPMorgan Chase & Co. entity''. ''All information sought by the authorities has already been provided, and we continue to extend full cooperation as required,'' he said in a statement.

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