ED conducts raids on BPTP offices in Delhi-NCR in foreign funds probe

The Enforcement Directorate (ED) on Tuesday searched premises related to real estate company BPTP across the Delhi-NCR region as part of a foreign exchange violation case involving funds of about ₹500 crore, official sources said.

The multiple locations of the Faridabad-based Business Parks Town Planners Private Limited (BPTP) were searched under provisions of the Foreign Exchange Management Act (FEMA), they said.

“The matter under review pertains solely to historical investments made in 2007–08 by CPI India  I Ltd. a Citi Group entity (Bank)and Harbour Victoria Investment Holdings Ltd., a JPMorgan Chase & Co. entity (Bank). All information sought by the authorities has already been provided, and we continue to extend full cooperation as required,” Rohit Mohan, President, BPTP said.  A probe found that BPTP received foreign investment of more than ₹500 crore under the "automatic route" from foreign companies based in Mauritius during 2007-2008 through put option/swap option in "contravention" of the existing FEMA rules and regulations, according to ED sources.

They alleged that company CMD Kabul Chawla anonymously held foreign assets. Multiple FIRs registered against the company and its directors across various police stations in Delhi-NCR are a subject of the ED probe.