The Enforcement Directorate on Friday searched the premises of the Goa-headquartered Chowgule Group and linked entities as part of a foreign exchange violation investigation against them.
The searches were undertaken as per the provisions of the Foreign Exchange Management Act (FEMA), the federal agency said in a statement.
The premises of Chowgule and Company Private Limited (CCPL), Chowgule Steamship Limited (CSL), P P Mahatme and Company, seven residential premises of members of the Chowgule family, and their group, CA Pradip Mahatme, ex-MD and CFO of CSL Mangesh Sawant, in Goa and Mumbai, were covered during the searches.
The agency claimed the action was based on credible information that the said entities created various offshore structures in which USD 228 million was diverted from Indian companies over the years by routing the funds through multiple foreign subsidiaries and step-down subsidiaries based in Guernsey, UK and the Marshall Islands.
The agency said incriminating documents and digital devices were seized during the searches.