ED probing India Today group over alleged FEMA violation
By Asianet Newsable English | First Published Oct 12, 2021, 9:58 AM ISTTop ED sources have confirmed that the agency's Delhi unit is investigating a complaint it received claiming FEMA violation in an investment deal struck by the India Today group.
A major media group has been under the scanner of the Enforcement Directorate for over a year in connection with an alleged violation of the Foreign Exchange Management Act, Asianet Newsable has learnt.
Top ED sources have confirmed that the agency's Delhi unit is investigating a complaint it received claiming FEMA violation in an investment deal struck by the India Today group.
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According to sources, the group had received an investment from an abroad-based company for their Mail Today venture.
The agency probe has been on for over a year now. Sources said that several members of the top management have been called in for questioning over the last few months. The first summon was issued last year around August. However, the investigation slowed down during the second wave.
As per sources, the agency is probing whether there was any FEMA violation on the investment received by the group. Sources said that its officials are scanning the accounts which received the investment and the source of the investment.
Documents pertaining to the deal have already been handed over by the group to the agency.
The agency is currently studying the documents handed over to them, multiple sources have told said, adding that the future course of action will be dependent on the material provided by the group.
The group could face a penalty if the agency believes prima facie there is a FEMA violation. So far the group has responded to all the summons issued by the ED and the agency has not slapped any penalty as yet.
The India Today group was also under the ED scanner in the money laundering angle probe into the Television Rating Points scam case. In January this year, the group's chief financial officer was questioned for seven hours.
Earlier in October, the group had put out a clarification in the case stating that there was a malicious campaign to malign its image and drag its name into the TRP scandal.
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