ED raided the premises of real estate giant BPTP in Delhi-NCR on Tuesday. This action was taken under the Foreign Exchange Management Act (FEMA), in which a case of violation related to foreign investment of about Rs 500 crore has come to light. ED sources said that BPTP CMD Kabul Chawla is accused of keeping secret assets abroad. Apart from this, FIRs registered against the company and its directors in many police stations of Delhi-NCR are also under investigation. The depth of the matter is increasing.
BPTP's Silence
There has been no response from BPTP on this big action of ED yet. No response was received even after contacting the company. In the initial phase of the investigation, this matter has created a stir in the real estate sector and sources say that more big revelations can be made in the coming days.
Kejriwal furious over ED's action on Saurabh Bhardwaj, said- AAP is being targeted, many leaders including Atishi-Manish Sisodia and Sanjay Singh reacted
What is the matter?
ED's latest investigation revealed that Faridabad's real estate company BPTP (Business Parks Town Planners Pvt Ltd) took foreign investment of more than Rs 500 crore from Mauritius companies in 2007-08. This investment was made through the 'automatic route', which comes under violation of FEMA rules. According to sources, the company used put option/swap option to achieve this.
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