The Enforcement Directorate (ED) has conducted searches at premises linked to the Vedanta Group as part of an investigation into alleged violations of the Foreign Exchange Management Act (FEMA), people familiar with the development said.
Officials said the searches, targeting certain premises of the conglomerate led by billionaire Anil Agarwal, began on Monday and continued on Tuesday. While the agency has not disclosed the specific allegations, officials said the action pertains to suspected violations under the law governing foreign exchange and cross-border transactions.
A Vedanta spokesperson said in a statement: “We are extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage.”
The ED’s action comes a month after Vedanta secured approval from its secured creditors for a major demerger plan aimed at splitting the group into multiple independent companies.