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ED searches Eros International in Rs 2,000-cr FEMA case


//media-entertainment.news-articles.net/content/ .. eros-international-in-rs-2-000-cr-fema-case.html
Published in Media and Entertainment on by MSN   Print publication without navigation

The Enforcement Directorate recently conducted searches against Eros International Media Ltd and related entities for a Rs 2,000-crore foreign exchange law violation. The probe revealed fund diversion and inflated financial statements by EROS through content advances and fictitious movie rights purchases.


The Enforcement Directorate (ED) conducted searches at the premises of Eros International Media Ltd. and its group companies in Mumbai as part of an investigation into a Rs 2,000 crore Foreign Exchange Management Act (FEMA) violation case. The searches targeted the residences and offices of key management personnel, including Eros International's CEO Pradeep Kumar Dwivedi and MD Sunil Arjan Lulla. The ED's actions were prompted by suspicions of fund siphoning through various group companies, with the investigation revealing that Eros had allegedly diverted around Rs 612 crore to related UK entities. The company's shares experienced a significant drop, falling nearly 20% following the news of the ED's raids.

Read the Full MSN Article at:
[ https://www.msn.com/en-in/money/other/ed-searches-eros-international-in-rs-2-000-cr-fema-case/ar-AA1yBGz8 ]

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