Overview

• ED said it searched 13 premises linked to the Delhi-based conglomerate on September 18–19 under FEMA provisions.
• Investigators allege Rs 505.14 crore was remitted as overseas direct investment to Topaz Enterprise DMCC to acquire Garnet Enterprise DMCC.
• Documents seized indicate promoter Shyam Sunder Jindal is the 100% shareholder of Topaz and controls finances of related overseas entities.
• The agency alleges two related valuers issued differing reports that inflated valuations to permit higher remittances out of India.
• The probe remains ongoing as ED says Jindal left for Hong Kong during the searches and has not joined the investigation, and the group has not commented.