Read: A major action by the Enforcement Directorate (ED) is coming against the country’s leading business group, Vedanta Group. ED has raided Vedanta Group led by billionaire businessman Anil Agarwal for alleged “violations” of Foreign Exchange (FEMA). The ED team has simultaneously raided four premises of Vedanta located in Delhi, Mumbai, Rajasthan and Udaipur.
ED officials told a news agency that the raids against the global mining group were launched on Monday. Four locations of Vedanta Limited, including its premises in Delhi, Mumbai and Udaipur in Rajasthan, have been searched. This investigation is being conducted under civil cases of Foreign Exchange Management Act (FEMA).
According to officials, a case of Indian company Vedanta Limited’s London-based parent Vedanta Resources returning a part of the brand fee to Vedanta Limited in 2023 is under investigation by the Federal Investigation Agency.
He said that the situation of other entities of Vedanta Group is also being examined in the investigation. Confirming the ED action, a Vedanta spokesperson said the company is “extending full cooperation to the authorities.” Whatever information was sought by them is being provided.
What did Vedanta Group spokesperson say?
“The company is committed to complying with all laws and regulations,” the spokesperson said. “As the matter is currently under the regulatory process, we cannot comment further at this stage.”
Vedanta Limited is a leading global producer of metals, critical minerals and technology. The company’s business is spread in many countries of the world. The company is operating in India, Africa, West Asia and East Asia.
Shares started falling after the raid
As soon as the news of ED investigation on Vedanta Group’s properties became common, the shares of the company have registered a decline. Shares of Vedanta Ltd stood at Rs 334.6, down 0.7% on Tuesday. Vedanta Limited is a leading company listed in the Indian stock exchange. Its market cap is around Rs 1.30 lakh crore.
75 percent property donation
In February this year, Vedanta Group Chairman Anil Aggarwal had announced to donate 75 percent of his assets, which is around Rs 21 thousand crores. He had made this announcement after the death of his only son Agnivesh Aggarwal.
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