The Directorate of Enforcement (ED) on Wednesday said searches at premises linked to Rajesh Exports Ltd (REL) in Bengaluru and Mumbai have unearthed multiple suspected violations under the Foreign Exchange Management Act (FEMA), including missing records of overseas transactions, around Rs 3,000 crore in opaque trade set-offs, a 40% stock mismatch and alleged share manipulation involving offshore benamidars.
The ED said it conducted search and seizure operations at nine premises on June 23 in connection with an ongoing investigation into Rajesh Exports and connected persons for suspected contraventions of FEMA provisions.
