Dikhyaa Mohanty 
Due to illicit foreign exchange investment activities, Enforcement Directorate (ED) detectives searched the Bhubaneswar and New Delhi premises of Z Estates, an Odisha-based real estate company. The authorities checked a number of papers, such as money transactions, investment records, and bank activities. Under the Foreign Exchange Management Act (FEMA), the federal agency is looking into the financial transactions.
The real estate company’s managing director said that the agency had not discovered or confiscated any damning papers since the business had complied with all FEMA and RBI regulations regarding its foreign exchange deposits.
“This is not a raid, but a search. The searches were carried out at my residence, office, and an associate office in New Delhi. I must declare that no illegality has been done in the foreign investment we have brought under FEMA. All legal procedures have been followed. We have brought foreign investment since 2007, following FEMA and RBI norms. This is a normal practice, and we welcome ED searches. They have not found any incriminating documents during searches on Saturday. They have also given us this in writing. The officials have not found any illegal cash or jewellery, either from my house or my office. Their only aim is to examine the bonafidness of the foreign investment under FEMA,” Z Estate MD Tapan Mohanty said.
