NEW DELHI: On Tuesday, the Enforcement Directorate conducted searches at locations linked to real estate firm BPTP across Delhi-NCR as part of an investigation into a foreign exchange violation case involving approximately Rs 500 crore, according to official sources.
The searches were carried out at BPTP’s premises in Delhi, Noida, and Faridabad under the Foreign Exchange Management Act (FEMA).
A probe revealed that BPTP received over Rs 500 crore in foreign investments pursuant to the “automatic route” from companies based in Mauritius during the 2007-2008 period, allegedly violating existing FEMA regulations, as per ED sources.
A spokesperson for BPTP stated that the company is “fully cooperating” with the authorities and believes its position will be clarified appropriately in due course.
Sources have alleged that BPTP’s CMD, Kabul Chawla, held foreign assets anonymously. The current ED investigation also includes multiple FIRs lodged against the company and its directors at various police stations across Delhi-NCR.
The spokesperson added that BPTP has continually complied with relevant laws and regulations, emphasizing the company’s commitment to transparency, ethical business practices, and stakeholder interests.
Later, BPTP’s president, Rohit Mohan, noted that the matter “solely involves historical investments made in 2007-08 by CPI India I Ltd., a Citi Group entity, and Harbour Victoria Investment Holdings Ltd, a JPMorgan Chase & Co. entity.”
“All requested information has been submitted to the authorities, and we continue to extend our full cooperation,” he stated.
