Transactions Abroad Under The Microscope

Although the department is believed to have gathered sufficient intelligence indicting the troubled liquor major, it has still to find concrete documentary evidence pointing to actual violations of the Foreign Exchange Regulations Act (Fera). It is expected that the on-going countrywide raids conducted by the Income Tax authorities will give a fillip to the activities of its enforcement arm.

Funds totalling over Rs 50 crore have reportedly been credited into the bank accounts of one Nem Chand Jain, a Guwahati-based broker, in a Calcutta branch of a commercial bank.