Probe Agency Seizes Rs 16 Crore Fixed Deposits Of Hyderabad-Based Firm
NDTV
The action was taken against Alphageo (India) Limited, the federal probe agency said in a statement.
Fixed deposits worth Rs 16 crore belonging to a Hyderabad-based company that provides seismic survey services to oil exploration companies in India and abroad have been seized for an alleged violation of the foreign exchange law, the Enforcement Directorate (ED) said today.
The action was taken against Alphageo (India) Limited, the federal probe agency said in a statement.
The company was raided by the Income Tax department in July 2019 and the Central Board of Direct Taxes (CBDT) had later said in a statement that the tax sleuths had found four "undisclosed" foreign bank accounts, three "un-reported" companies based in tax havens, unexplained cash of Rs 45 lakh and jewellery worth Rs 3.1 crore.
The ED said "Alphageo had transferred and parked certain funds in the United Arab Emirates (UAE) in contravention of the provisions of the Foreign Exchange Management Act (FEMA)".
