The Enforcement Direc-torate (ED) has chargesheeted the MVR group of companies for alleged violation of the Foreign Exchange Regulation Act (Fera) to the tune of Rs 209 crore under section 18(2) and 18(3) of the Act.
The MVR group of companies comprises of four main firms: MVR Industries Ltd, Maxwell Exim Ltd, Enkay Foods Ltd and Sathyam Foods Ltd.
The ED has held the MVR group of companies for alleged Fera contravention related to deliberate non-realisation of export proceeds to over Rs 209 crore. In addition, the group has also allegedly indulged in over-invoicing of imports of raw nuts running into more than Rs 160 crore and retaining the balance abroad, which constitutes Fera violation, states an official release of the E D.
The Directorate had earlier searched the premises belonging to the MVR group of companies on September 26, 1997 resulting in the seizure of highly incriminating documents proving contravention of Fera.
The release also states that investigations made so far has revealed deliberate non-realisation of export proceeds on the part of MVR group of companies amounting to Rs 209.31 crore.
It said all the 4 firms apparently functioned as one unified group under the overall control of a Singapore-based individual, who has been allegedly evading appearance before the Directorate in India ever since investigations was initiated into the case.
