The Enforcement Directorate (ED) has searched 13 locations in Delhi NCR and Hyderabad connected to the B C Jindal group and its promoters, including Shyam Sunder Jindal, over suspected violations of the Foreign Exchange Management Act (FEMA), 1999. According to an official update shared by the agency on its X handle, the operation, conducted on 18 and 19 September – focused on group entities accused of remitting funds abroad through sham transactions and inflated valuations of foreign assets.
ED, Headquarters Office, New Delhi, has conducted search operations under FEMA 1999 on 18th and 19th September, 2025 at 13 premises located in Delhi NCR and Hyderabad connected with the group companies of B C Jindal and Shyam Sunder Jindal, its Directors and other officer…
— ED (@dir_ed) September 24, 2025
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Rs 505 crore allegedly routed overseas
The ED said its probe centres on three group firms – Jindal India Thermal Power Ltd., Jindal India Powertech Ltd. and Jindal Polyfilms Ltd., for their overseas investments and possible “round-tripping” of domestic funds.
Documents seized during the searches suggest that about Rs 505.14 crore was transferred to Topaz Enterprise DMCC, Dubai, an entity fully controlled by Shyam Sunder Jindal. Investigators allege the money was used to acquire Garnet Enterprise DMCC, another overseas firm of the group, under the guise of Overseas Direct Investments (ODIs).
Alleged sham valuations
Officials said the fund transfers were enabled through inflated valuations of foreign shares, carried out by valuers reportedly linked to each other. These valuations, according to the agency, allowed higher sums to be moved abroad under ODI norms.
The seized records also indicate a chain of entities spanning the Netherlands, USA, Luxembourg, Singapore and UAE, which were allegedly used to channel investments and park funds outside India. Garnet Enterprise DMCC is said to hold a 48 per cent stake in Jindal Polyfilm Netherlands B.V., which itself controls subsidiaries overseas.
At the time of the raids, Shyam Sunder Jindal had reportedly travelled to Hong Kong and had not returned to join the inquiry. The agency has not clarified whether summons have been issued but said examination of evidence and further questioning are underway.
The group has not yet issued a public statement on the raids. Its listed company, Jindal Polyfilms Ltd., is expected to face close scrutiny given investor interest and regulatory disclosures.
