ED searches Vedanta Group premises in FEMA case: Report

The Enforcement Directorate (ED) is conducting searches at the premises of the Anil Agarwal-led multinational mining company Vedanta Group in connection with a Foreign Exchange Management Act (FEMA) case. The searches have been ongoing since Monday, and more details on the raid are awaited, according to the news agency PTI. 

When does ED act under FEMA?

The ED acts under FEMA when it suspects violations in foreign currency transactions on the part of an individual or a company. This mostly involves cases like illegally transferring money abroad, acquiring assets abroad illegally, or failing to comply with regulations related to foreign investment. 

Did Vedanta purchase electoral bonds?

Notably, Vedanta purchased electoral bonds worth over ₹400 crore, which are now banned. Of this, the BJP emerged as the biggest beneficiary as it received roughly ₹230 crore.

It donated approximately ₹125 crore to the Congress, over ₹40 crore to the Naveen Patnaik-led Biju Janata Dal, over ₹5 crore to the Jharkhand Mukti Morcha and around ₹20 lakh to the Trinamool Congress.