Vedanta Group under ED Scanner Under FEMA Charges
The ED initiated a probe against the billionaire businessman Anil Agrawal-promoted company under the Foreign Exchange Management Act
New Delhi: The Enforcement Directorate has conducted searches against the Vedanta Group as part of a FEMA probe, officials said on Tuesday.
It is understood that the action was launched against the mining conglomerate on Monday. Raids were conducted at their offices in Delhi, Rajasthan, Mumbai, apart from some other locations, officials said.
Officials said the searches were launched after the central agency initiated a probe against the billionaire businessman Anil Agrawal-promoted company under the civil provisions of the Foreign Exchange Management Act (FEMA), they said.
A Vedanta spokesperson confirmed the ED action and said the company was "extending full cooperation to the authorities and are providing all information sought."
"The company remains committed to compliance with all applicable laws and regulations.
"As the matter is currently under regulatory process, we are unable to comment further at this stage," the spokesperson said.
Vedanta Ltd is a leading global producer of metals, critical minerals and technology. The company has operations across India, Africa, the Middle East and East Asia.
