E-Paper
Enforcement directorate searches Ludhiana-based paper firm over FEMA violations
The paper firm has made alleged investments to the tune of ₹100 crores in foreign countries, including Switzerland, the enforcement directorate said
: The enforcement directorate has conducted searches on seven premises of a Ludhiana-based private paper firm for alleged violations of the Foreign Exchange Management Act.
The ED officials seized documents and digital devices of Saber Paper Limited and a group of companies during the searches on Wednesday.
It has been suspected that the company has made alleged investments to the tune of ₹100 crores in foreign countries, including Switzerland, ED officials said.
The financial investigation agency is also probing some alleged discrepancies by the company in connection with non-compliance of the Reserve Bank of India guidelines related to the foreign exchange.
The ED officials claimed that several big loans of the company were declared non-performing assets by the many banks, whereas some cases against the company are pending with the National Company Law Tribunal too.
“It has been also learnt that the banks also wrote to the central bureau of investigation against the company for their NPA,” the ED officials said, adding that the company may have made investments in foreign loans.
