Surat SEZ Jewel Firm Faces ED Scrutiny Over Illegal Forex Remittances
Surat SEZ Jewel Firm in Spotlight
A Surat-based jewel firm, Sharnam Jewels, operating from a compact office space measuring just 20 by 22 feet within a special economic zone (SEZ), is facing scrutiny from the Enforcement Directorate (ED). Allegations have emerged regarding the firm's involvement in illegal outward remittances amounting to over Rs 4,000 crore, which raises serious questions under the Foreign Exchange Management Act (FEMA).
ED Investigation Unfolds
According to reports, the ED has recently filed a complaint with its Adjudicating Authority, highlighting potential violations related to SEZ rules and strict enforcement measures against illegal forex remittances. The investigation signifies a stringent effort by authorities to clamp down on any financial malpractices that undermine economic integrity.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.