PANAJI
The Enforcement Directorate on Friday said it has conducted searches under the provisions of FEMA, 1999 at the premises of M/s CCPL, M/s CSL, PP Mahatme & Co and seven residential premises at various locations at Goa and Mumbai for alleged FEMA violations.
ED officials stated that they initiated investigation based on credible information that these entities had created various offshore structures in which around $228 million dollars was diverted from Indian companies over the years, by routing it through various foreign subsidiaries and step down subsidiaries based in Guernsey, UK and Marshall Islands.
