off-the-wire

India’s financial crime agency searches Vedanta premises, ET says

Kitco Media
By Reuters
Published:
Updated:
Reuters
India’s financial crime agency searches Vedanta premises, ET says teaser image

India’s financial crime-fighting agency on Tuesday searched premises linked to the Vedanta Group, the Economic Times reported, citing officials.

The Enforcement Directorate was conducting the searches as part of an investigation under India’s Foreign Exchange Management Act, the report said.

Details of the alleged violations were not immediately available.

The company is extending full cooperation to the authorities and is providing all information sought, a Vedanta spokesperson said to Reuters.

“The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage,” the spokesperson added.

The Enforcement Directorate did not immediately respond to a Reuters request for comment.

(By Abhirami G; Editing by Nivedita Bhattacharjee)

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