New Delhi, July 6
The Enforcement Directorate (ED) conducted searches at the premises of the Chowgule Group, headquartered in Goa.
The ED searched Chowgule and Company Private Limited (CCPL), Chowgule Steamship Limited (CSL), PP Mahatme and Company, and seven residential premises of Chowgule family members.
The searches were conducted under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
The raids also included the group's CA Pradip Mahatme and former MD and CFO of CSL Mangesh Sawant in Goa and Mumbai.
The officials said that these entities had created offshore structures, diverting approximately $228 million from Indian companies over the years through multiple foreign subsidiaries and step-down subsidiaries based in Guernsey, the UK, and the Marshall Islands.
During the course of search operations, various incriminating documents and digital devices were recovered and seized, officials added.
