New Delhi.  The Enforcement Directorate (ED) on Friday conducted raids at the Goa headquarters of the Chougule Group and premises of entities linked to the group as part of its probe into foreign exchange violations. The federal agency said in a statement that the searches were conducted under the provisions of the Foreign Exchange Management Act (FEMA). 

Where were the searches conducted?

Searches were conducted at the premises of Chowgule & Company Private Limited (CCPL), Chowgule Steamship Limited (CSL), P P Mahatme & Company, seven residential premises of Chowgule family members and their group, CA Pradeep Mahatme, former MD and CFO of CSL Mangesh Sawant in Goa and Mumbai.

ED's big claim

The agency claimed that the action was based on reliable information. It said that the entities created various offshore structures, in which an amount of US$228 million was withdrawn from Indian companies over the years. This money was sent through several foreign subsidiaries and step-down subsidiaries located in Guernsey, UK and Marshall Islands. Let us tell you that the agency has seized objectionable documents and digital devices during the search.