In the pre-dawn hours of Tuesday, the Enforcement Directorate carried out coordinated searches at multiple Business Parks Town Planners (BPTP) premises in Delhi, Noida, and Faridabad. Officials said the operation targeted suspicions of foreign exchange violations under FEMA, stemming from significant investments that date back to 2007–08. Financial investigators were seen sifting through corporate records, while the quiet streets buzzed with unexpected activity.
The Shadow of Offshore Funds
The probe centers on overseas capital, reportedly exceeding ₹500 crore, allegedly funneled into BPTP through Mauritius-based entities. These investments came via the “automatic route,” but investigators suggest the use of put and swap options may have skirted FEMA regulations. One official described the structure as a “complex shadow of offshore dealings,” casting doubt on whether the transactions adhered to disclosure norms.
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FIRs, Foreign Assets, and Illicit Legacy
Multiple FIRs lodged against BPTP and its leadership across metro police stations have added weight to the case. Enforcement sources also said that CMD Kabul Chawla was linked to undeclared foreign assets, though concrete evidence has yet to be publicly disclosed. On the record, BPTP maintains it is fully cooperative and confident its legal position will soon be vindicated.
A Probe Into Historical Deals
What began as a probe into historic investment transactions now holds broader implications for compliance in the real estate sector. The ED’s action calls into question past financial arrangements and whether regulatory oversight was observed. Analysts say the investigation may prompt wider scrutiny of other developers who navigated foreign capital inflows during that era.