Real estate firm under probe for Rs 500 cr foreign investment

The Directorate of Enforcement (ED) conducted search operations on Tuesday at multiple locations across Delhi-NCR as part of a probe under the Foreign Exchange Management Act (FEMA) against real estate firm Business Parks Town Planners Pvt Ltd (BPTP).

Officials said premises linked to BPTP in Delhi, Noida and Faridabad were searched. They said BPTP received foreign investments exceeding Rs 500 crore in 2007-08 from Mauritius-based companies through the “automatic route.” But, these funds were ‘routed’ via put option and swap option agreements, violating FEMA regulations in force at the time.

A BPTP spokesperson said the company is providing “full cooperation” and is confident its position would be clarified.

Sources also claimed BPTP chairman and managing director Kabul Chawla held foreign assets anonymously. Multiple FIRs against BPTP and its directors across Delhi-NCR police stations are being examined as part of the ED’s investigation.