ED Conducts Raids on BPTP Properties Over Forex Violations

Enforcement Directorate's Investigation into BPTP

The Enforcement Directorate (ED) has launched raids on properties linked to the real estate firm BPTP in the Delhi-National Capital Region (NCR) as part of an investigation into foreign exchange violations amounting to approximately ₹500 crore. Official sources confirmed this development.

According to sources, the ED targeted BPTP's offices located in Delhi, Noida, and Faridabad under the provisions of the Foreign Exchange Management Act (FEMA).

The investigation revealed that BPTP received over ₹500 crore in foreign investments from Mauritius-based companies through 'put options/swap options' via the 'automatic route' during the 2007-2008 period, which allegedly contravened existing FEMA regulations.

A spokesperson for BPTP stated that the company is fully cooperating with the authorities and is confident that its position will be clarified in due course. Allegations have surfaced that the company's Chairman and Managing Director, Kabul Chawla, has anonymously held foreign assets.

Multiple FIRs against the company and its directors are currently under the ED's scrutiny across various police stations in Delhi-NCR. The spokesperson emphasized that BPTP has consistently complied with applicable laws and regulations, maintaining a commitment to transparency and ethical business practices.

Later, BPTP's Chairman Rohit Mohan clarified that this case pertains to historical investments made by Citigroup's unit CPI India Limited and JP Morgan Chase's unit Harbour Victoria Investment Holdings Limited during 2007-08. He added that all requested information has already been provided to the authorities, and the company will continue to offer full cooperation as needed.