The Enforcement Directorate (ED) has conducted searches against the Vedanta Group as part of an investigation under the Foreign Exchange Management Act (FEMA), officials said on Tuesday.
According to sources, the action was carried out on Monday following the initiation of a probe into the mining conglomerate promoted by billionaire industrialist Anil Agarwal.
Officials said the searches were linked to alleged violations being examined under FEMA. However, details regarding the nature of the alleged irregularities or the locations covered during the searches have not been officially disclosed.
The ED is continuing its investigation to ascertain whether there were any violations of foreign exchange regulations by the company or its associated entities.
Neither the agency nor the Vedanta Group has issued a detailed statement on the matter so far.
