Monday | Jun 23 2025 | 06:47:09 AM
New Delhi, June 3
Directorate of Enforcement (ED), Bengaluru has conducted search operations at three premises in Bengaluru and one premise in Mangaluru in connection with FEMA violation case in the matter of various undisclosed transactions in overseas jurisdictions.
The searches were conducted at M/s Kumaraswamy Mineral Exports Pvt. Ltd. and its Directors viz. Santesh and Jyothi Gureddi, Bhavani Prasad Tapal & Renuka Devi, Ravindranath & Uma, said ED.
ED had initiated investigation based on intelligence input received from Income Tax wherein it was prima facie revealed that part of the export proceeds of Sri Kumaraswamy Mineral Exports Pvt Ltd were diverted by its buyers in the bank accounts of overseas companies wherein Directors of Sri Kumaraswamy Mineral Exports Pvt Ltd were shareholders.
The officials said that Shantesh Gureddi had acquired immovable property at No. 09, Hay’s Mewa, London and which was valued at £ 6.4 million, partly out of the said proceeds.
On the basis of evidences found during the search and statements recorded under FEMA, 1999, it is revealed that the Directors of M/s. Sri Kumaraswamy Mineral Exports Pvt Ltd had incorporated multiple entities in overseas jurisdiction for receipt of profit derived by M/s. Sri
Kumaraswamy Mineral Exports Pvt Ltd and diversion of part of export proceeds through these overseas entities. It is also revealed that multiple bank accounts were opened abroad by the Directors of Sri Kumaraswamy Mineral Exports Pvt Ltd for parking of funds outside India and for further diversion of funds to multiple bank accounts maintained overseas for purchase of properties outside India in their name and in the name of their family members.
