ED Raids OPG Group: The Enforcement Directorate (ED) has achieved great success. ED has raided several locations of OPG Group based in Chennai. ED has recovered about Rs 8 crore 38 lakh cash during this action. The Enforcement Directorate has recovered this money from the offices, premises of OPG Group and the houses of its directors. According to the information, the Enforcement Directorate (ED) had conducted this search operation for violation of the Foreign Exchange Management Act (FEMA).
According to ED, the owner of OPG Group is Arvind Gupta, who is associated with the power business. The company had received Rs 1148 crore in the name of Foreign Direct Investment (FDI). This money was invested by Arvind Gupta's family members through a company established abroad. However, investigation revealed that the money was misused, leading to several violations of the Foreign Exchange Management Act (FEMA) provisions.
Money converted into cash through shell companies
According to the information, the money was later invested in stock market, mutual funds, real estate as well as lands. Not only this, the money was converted into cash through shell companies and later the money was sent back abroad. Apart from this, a huge amount was converted into cash with the help of Seychelles companies, which helped OPG Group to withdraw money in the form of cash by creating fake invoices.
Hand written notes related to cash transactions also recovered
During the search operation, ED also recovered handwritten notes related to cash transactions. Investigation revealed that the management of OPG Group had established several companies in Dubai, Isle of Man, Seychelles, Singapore and Hong Kong, with the help of which a part of the diverted money was deposited abroad. At present these foreign institutions are being investigated and it is also being ascertained whether money laundering has taken place through these companies or not.
