The Enforcement Directorate (ED) has conducted searches at the offices of India Cements Ltd., a prominent Chennai-based cement manufacturer, in connection with an investigation into foreign exchange violations. The federal probe agency covered two office premises in Chennai and one in Delhi over the last two days, acting under the provisions of the Foreign Exchange Management Act (FEMA). The investigation focuses on India Cements Capital Ltd. (ICCL), an associate company of India Cements, concerning the transfer of funds totaling about Rs 550 crore abroad. The ED is scrutinizing the role of certain alleged dubious agents and directors in this matter.
Founded in 1946, India Cements has expanded its operations beyond cement to include related fields such as shipping, captive power, and coal mining, according to information available on its website. The company is yet to provide an official comment on the ED’s actions in response to a query from PTI.
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