The Enforcement Directorate (ED) under the Foreign Exchange Management Act (FEMA) on September 18 and 19, 2025 in Delhi-NCR and Hyderabad. C. Jindal raided 13 locations associated with Group. This action was taken on suspicion of sending illegal money abroad and parking funds.
Investigation has revealed that companies like Jindal India Thermal Power Limited (JTPL), Jindal India PowerTech Limited (JIPL) and Jindal Poly Films Limited (JPFL) sent crores of rupees abroad. It is alleged that Rs 505.14 crore was sent to Dubai company Topaz Enterprises DMCC, which is directly under the control of Shubhadra Jindal, his son Bhavesh Jindal and Shyam Sundar Jindal.
What happened in ED investigation,
The ED revealed during investigation that between 2013 and 2017, JPFL invested Rs 703.79 crore in JIPL to set up a coal -based power plant in Odisha. But instead of recovering these investment, the company sold its own promoters and group companies at very low prices, which caused huge losses from listed company investors.
After this, JIPL received Rs 853.72 crore in 2024, but instead of returning it to JPFL, Rs 505.14 crore was transferred to Dubai company Topaz Enterprise DMCC. With this amount, he bought 100 percent shares of Garnet Enterprise DMCC.
Two separate valuation reports were designed to manipulate money
Investigations have also found the ED that Garnet Enterprise DMCC, Dubai stake in Jindal Poly Films Netherlands BV and further control companies in many countries like America, Belgium, Luxembourg, Germany, Singapore and China. Investigation revealed that two separate valuation reports were prepared, so that more money could be sent out by showing the price of the company false. ED suspects that B.C. C. Jindal Group sent its own amount abroad through round-tripping and raised there, which is a violation of FEMA rules.
Many important documents and evidence found in ED raids
Many important documents and records have been found during the ED raid. It clearly shows that Shyam Sundar Jindal is the real owner of these foreign companies and 100 percent share holder. Currently Shyam Sundar Jindal is not present in India. It is being told that he has gone to Hong Kong and has not been involved in the investigation till now. The ED has said that the investigation of the entire case is going on and further revelations may be done.
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