Crime News: Bhubaneswar, (Reporterspen), Nov 23: The Enforcement Directorate (ED) launched a major operation on Saturday, conducting raids at multiple locations linked to a real estate company, ‘Z’, in Odisha. The raids are being carried out in connection with suspected violations of foreign exchange regulations under the Foreign Exchange Management Act (FEMA), 1999.
According to sources, the ED has simultaneously raided 11 places associated with the company, including the offices and residences of the company’s directors. The searches, which began on Friday, are focused on gathering evidence related to alleged foreign exchange violations and other irregularities in the company’s financial dealings.
As of now, no official statement has been issued by the real estate company or its representatives regarding the ongoing raids. The ED’s action follows a detailed investigation into the company’s operations, and further updates are awaited as the searches progress. The raid underscores the ED’s ongoing efforts to crack down on financial misconduct and enforce stringent foreign exchange compliance.
