Kerala businessman Bobby Chemmanur under ED radar
By Aishwarya Nair | First Published Jul 12, 2024, 3:40 PM ISTThe Enforcement Directorate (ED) is conducting a preliminary investigation into financial transactions linked to entities owned by businessman Bobby Chemmanur, probing potential black money transactions and FEMA violations.
The Enforcement Directorate (ED) has initiated a preliminary inquiry into the activities of businessman Bobby Chemmanur, focusing on allegations of collecting investments from multiple individuals and utilising the funds for personal business ventures. The investigation aims to determine if any unlawful black money transactions were involved in accepting these investments and subsequently channeling them into other business endeavors.
According to ED sources, no formal case has been registered yet, and the inquiry is currently in its preliminary stages.
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The ED probe has revealed that Chemmanur was accepting deposits from numerous individuals with promises of high interest rates, and then diverting these funds for various business purposes. The ED is examining whether any black money transactions were involved in this process and also checking for potential violations of the Foreign Exchange Management Act (FEMA). Typically, the ED requires a case to be registered by another agency before proceeding, but currently, no such case has been filed against Bobby Chemmanur.
The ED is also exploring whether any new cases may arise from the ongoing investigation.
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