Bhubaneswar: In a high-stakes probe shaking corporate corridors, the Enforcement Directorate (ED) has tightened the noose around the B C Jindal Group, alleging a brazen ₹505.14 crore siphoning to Dubai through sham transactions and round-tripping, in blatant violation of the Foreign Exchange Management Act (FEMA).
Raids on September 18-19 at 13 premises in Delhi-NCR and Hyderabad yielded incriminating documents exposing a web of overseas fund parking.
The spotlight falls on promoter Shyam Sunder Jindal, his wife Shubhdra, and son Bhavesh, who control the group’s entities. Between 2013-17, listed firm Jindal Poly Films Ltd (JPFL) pumped ₹703.79 crore into Jindal India Powertech Ltd (JIPL) for a coal power plant in Odisha. Yet, in 2018-19, JPFL wrote off the investment and offloaded it at a pittance to insiders, shortchanging public shareholders.
Later, JIPL redeemed ₹853.72 crore from Jindal India Thermal Power Ltd (JITPL) but diverted ₹505.14 crore to their Dubai shell, Topaz Enterprise DMCC, to snap up a 100% stake in Garnet Enterprise DMCC — facilitated by two rigged valuation reports.
Garnet, in turn, oversees a labyrinth of firms across the US, Belgium, Luxembourg, Germany, Singapore, and China, all under Jindal’s hidden sway. Documents seized confirm Shyam Sunder’s 100% ownership of Topaz, branding him the financial puppeteer. Notably, he’s evading summons and is reportedly in Hong Kong.
The power sector giant, boasting over ₹18,000 crore turnover, faces deepening scrutiny as ED vows more revelations. This FEMA breach not only erodes investor trust but also signals a zero-tolerance era for illicit capital flights.
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