India Cements Ltd offices searched by Enforcement Directorate in foreign exchange violation probe

Chennai: The Enforcement Directorate has conducted searches at the offices of leading Chennai-based cement manufacturer-- India Cements Ltd.-- as part of a foreign exchange violation investigation, official sources said on Thursday.

Two office premises in Chennai and one in Delhi were covered by the federal probe agency over the last two days, as per provisions of the Foreign Exchange Management Act (FEMA), the sources said.

The probe pertains to the affairs of its associate company India Cements Capital Ltd (ICCL) and transfer of funds abroad worth about Rs 550 crore, they said.

The role of some alleged dubious agents and directors are under the probe scanner of the ED, they said.

An official comment from the company to a PTI query is awaited.

Founded in 1946, the company said on its website that "while retaining cement over the years as its mainstay, India Cements has ventured into related fields like shipping, captive power and coal mining."