The Enforcement Directorate on Friday said it has 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, 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.
“Incriminating documents and digital devices were seized during the searches,” the ED said.
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