JOIN USEnforcement Directorate (ED) has begun a probe against industrialist and Congress leader Naveen Jindal and his family for alleged contravention of forex laws in operating bank accounts in Singapore, a charge denied by the former MP.
Sources said the probe agency, sometime ago, received an official communication from financial intelligence unit in Singapore which said that at least four bank accounts held by the Jindals-- Naveen, his two children and wife-- were being operated since 2010 in a Swiss private bank identified as Julius Baer.
"A preliminary investigation is being done," sources said.
The report mentioned some "extraordinary" transactions made in these accounts, sources said, and as per international treaty protocols, the Singapore FIU shared the information with their Indian counterparts. It was later handed over to ED for "appropriate action".
When contacted by PTI, a Jindal Steel and Power Limited (JSPL) spokesperson denied any contravention or wrongdoing on the part of the Jindals in the case.
"In this regard, we wish to state that we have not received any notice or information from ED in this regard. RBI policy allows the resident individuals to remit funds outside India upto certain amount each year. The policy provides the framework of such remittances and the compliance to be done by the resident individuals
"Therefore, in keeping with the terms of the said scheme and strictly in compliance with the said scheme, Naveen Jindal and other family members have remitted the amounts outside India through Barclays Bank, the authorised dealer of RBI," the spokesperson said.
The spokesperson added that as per rules, the Jindals were not supposed to obtain clearance from RBI directly but it was incumbent on the part of the dealer bank to do so to the banking regulator.
"It is quite evident from the scheme that the applicant is neither required to take any approval from RBI nor furnish information on remittances and it is only the authorised dealer who is required to furnish information to RBI with regard to the remittances made," the spokesperson said.
Sources said the central probe agency is inquiring if rules were followed by all the stakeholders to conduct transactions in a legal manner and if these accounts and the amounts deposited in them were made known to the Indian tax authorities.
"Only after this, the parties under probe would be issued notices to join investigations," they said.