The Enforcement Directorate (ED) has searched 13 places in Delhi NCR and Hyderabad linked to the B C Jindal group and its promoters, together with Shyam Sunder Jindal, over suspected violations of the Overseas Alternate Administration Act (FEMA), 1999. In response to an official replace shared by the company on its X deal with, the operation, carried out on 18 and 19 September – centered on group entities accused of remitting funds overseas by sham transactions and inflated valuations of overseas belongings.
ED, Headquarters Workplace, New Delhi, has carried out search operations beneath FEMA 1999 on 18th and nineteenth September, 2025 at 13 premises positioned in Delhi NCR and Hyderabad linked with the group corporations of B C Jindal and Shyam Sunder Jindal, its Administrators and different officer…
— ED (@dir_ed) September 24, 2025
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Rs 505 crore allegedly routed abroad
The ED mentioned its probe centres on three group companies – Jindal India Thermal Energy Ltd., Jindal India Powertech Ltd. and Jindal Polyfilms Ltd., for his or her abroad investments and attainable “round-tripping” of home funds.
Paperwork seized through the searches recommend that about Rs 505.14 crore was transferred to Topaz Enterprise DMCC, Dubai, an entity absolutely managed by Shyam Sunder Jindal. Investigators allege the cash was used to accumulate Garnet Enterprise DMCC, one other abroad agency of the group, beneath the guise of Abroad Direct Investments (ODIs).
Alleged sham valuations
Officers mentioned the fund transfers have been enabled by inflated valuations of overseas shares, carried out by valuers reportedly linked to one another. These valuations, in line with the company, allowed larger sums to be moved overseas beneath ODI norms.
The seized data additionally point out a series of entities spanning the Netherlands, USA, Luxembourg, Singapore and UAE, which have been allegedly used to channel investments and park funds outdoors India. Garnet Enterprise DMCC is claimed to carry a 48 per cent stake in Jindal Polyfilm Netherlands B.V., which itself controls subsidiaries abroad.
On the time of the raids, Shyam Sunder Jindal had reportedly travelled to Hong Kong and had not returned to affix the inquiry. The company has not clarified whether or not summons have been issued however mentioned examination of proof and additional questioning are underway.
The group has not but issued a public assertion on the raids. Its listed firm, Jindal Polyfilms Ltd., is predicted to face shut scrutiny given investor curiosity and regulatory disclosures.
