ED conducts search operations against OPG Group, seizes Rs 8.38 cr

Chennai (Tamil Nadu) [India], November 13 (ANI): The Chennai Zonal Office of Enforcement Directorate conducted search operations against the OPG Group for violations of the Foreign Exchange Management Act (FEMA), 1999, and Foreign Direct Investment (FDI) regulations.
The search operations were conducted on Monday and Tuesday and seized approximately Rs. 8.38 crore.
"ED, Chennai Zonal Office has conducted search operations on November 11 and 12 against the OPG Group, Chennai, for violations of the Foreign Exchange Management Act (FEMA), 1999, and Foreign Direct Investment (FDI) regulations. ED has seized approximately Rs 8.38 crore in Indian currency from both the office premises of M/s OPG Group and the residential premises of its Directors," the ED posted on X.
Earlier, the ED said on Monday that it has "restituted" a property valued at Rs 12.73 crore in Chennai's Saidapet Taluk to its rightful claimant in an anti-money laundering case, the agency said in a release.
In a significant move to restore the Proceeds of Crime to rightful claimants, the Directorate of Enforcement (ED), Chennai office, has successfully restituted property valued at Rs. 12.73 crore to victim and rightful claimant in an anti-money laundering case being investigated by ED, the ED said.
ED initiated an investigation based on an FIR registered by the Central Crime Branch (CCB), Chennai. The FIR was registered based on the complaint of illegal land grabbing.
"ED investigation revealed that a group of land grabbers had unlawfully encroached upon land situated at Saidapet Taluk, Chennai. These land grabbers subsequently sold the property to a third party by forging documents and falsely claiming ownership," it added.
As a result of these findings, the ED issued a Provisional Attachment Order on March 21, 2017, attaching the property valued at Rs 11.40 crore which was later confirmed by the Adjudicating Authority. Further, a Prosecution Complaint was filed before the Hon'ble Principal Sessions Judge Court, Chennai and cognizance of the same was taken.
"The current value of the property stands at Rs. 12.73 crore, and its restitution to the rightful claimant and victim marks a significant step in the ED's ongoing efforts to ensure that the Proceeds of Crime are returned to those affected. ED continues to uphold its commitment to combating financial crimes and ensuring justice for victims of such crimes," the release added. (ANI)