ED Searches India Cements Offices in Foreign Exchange Violation Case
GG News Bureau
Chennai, 1st Feb. The Enforcement Directorate has conducted searches at the offices of India Cements Ltd., a leading Chennai-based cement manufacturer, as part of an investigation into foreign exchange violations, according to official sources.
Over the past two days, the federal probe agency has searched two office premises in Chennai and one in Delhi, in accordance with the provisions of the Foreign Exchange Management Act (FEMA).
The investigation is focused on India Cements Capital Ltd (ICCL), an associate company, and the transfer of approximately 550 crore rupees abroad. The Enforcement Directorate is looking into the involvement of certain suspicious agents and directors.
The company has not yet provided an official comment in response to a query from PTI.
Established in 1946, India Cements has expanded beyond cement production to include shipping, captive power, and coal mining, according to its website.
