The Enforcement Directorate (ED) has launched a preliminary inquiry into businessman Bobby Chemmanur, focusing on allegations that he collected investments from various individuals and used those funds for personal business ventures. The investigation seeks to uncover any potential unlawful black money transactions related to these investments and their subsequent allocation.
ED sources indicate that no formal case has been filed yet, as the inquiry remains in its early stages. The investigation has found that Chemmanur was accepting deposits from numerous individuals, promising high interest rates, and then redirecting these funds for different business purposes. The ED is particularly interested in whether any black money transactions were involved and if there have been any violations of the Foreign Exchange Management Act (FEMA).
Although the ED typically requires a case from another agency to proceed with investigations, no such case has been registered against Chemmanur at this time. The agency is also considering whether any new cases might emerge from the ongoing inquiry.
Post Your Comments