{"id":234316,"date":"2025-02-08T00:07:06","date_gmt":"2025-02-08T00:07:06","guid":{"rendered":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/02\/08\/ed-searches-eros-international-in-rs-2000-cr-fema-case\/"},"modified":"2025-02-08T00:07:07","modified_gmt":"2025-02-08T00:07:07","slug":"ed-searches-eros-international-in-rs-2000-cr-fema-case","status":"publish","type":"post","link":"https:\/\/news.talkwithrattan.com\/index.php\/2025\/02\/08\/ed-searches-eros-international-in-rs-2000-cr-fema-case\/","title":{"rendered":"ED searches Eros International in Rs 2,000-cr FEMA case"},"content":{"rendered":"
\"ED<\/div>\n
The Enforcement Directorate Friday said it recently carried out searches against leading entertainment company Eros International<\/a> Media Ltd and some linked entities as part of a probe into a Rs 2,000-crore foreign exchange law violation case.The searches were undertaken on February 5 at five locations in Mumbai under the Foreign Exchange Management Act (FEMA), the probe agency said.<\/p>\n

The company could not be contacted immediately for a response.<\/p>\n

In a statement, the ED said the searches were part of an ongoing probe in the case of alleged “fund diversion<\/a>” by Eros International<\/a> Media Ltd and the other entities of EROS group<\/a>.<\/p>\n

“Incriminating” documents pertaining to overseas entities, immovable properties, overseas bank accounts and digital devices were seized, it said.<\/p>\n


The federal probe agency said the probe was initiated based on SEBI investigation<\/a> against EROS group and its promoters for alleged misrepresentation of finances and “diversion\/siphoning” of funds amounting to around Rs 2,000 crore.The main entity of EROS group is Eros International Media Ltd., which is an Indian motion picture production and distribution company.Eros co-produces, acquires and distributes Indian films in multiple formats worldwide, including theatrical, television syndication and digital platforms, the ED said.<\/p>\n

The agency said “evidences” have been gathered which indicate that EROS paid about Rs 2,000 crore as content advances to certain entities between 2012-13 and 2020-21 fiscal years.<\/p>\n

“Eros wrote off major amounts due from these entities under the pretext of non-recovery due to the COVID-19 pandemic as a part of a balance sheet cleaning exercise.”<\/p>\n

“In this manner, EROS devised a scheme to inflate its financial statements by paying content advances, which were later diverted or round-tripped back to the company, with fictitious movie rights purchases used to hide the true nature of these transactions,” the agency claimed.<\/p>\n<\/div>\n


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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The Enforcement Directorate Friday said it recently carried out searches against leading entertainment company Eros International Media Ltd and some linked entities as part of a probe into a Rs 2,000-crore foreign exchange law violation case.The searches were undertaken on February 5 at five locations in Mumbai under the Foreign Exchange Management Act (FEMA), the […]<\/p>\n","protected":false},"author":2,"featured_media":234317,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","fifu_image_url":"https:\/\/img.etimg.com\/photo\/msid-118027697,imgsize-13290.cms","fifu_image_alt":"","footnotes":""},"categories":[602],"tags":[82387,1287,127661,182967,182966,16081,182968,16080,97955,27,11439,162921],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/234316"}],"collection":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/comments?post=234316"}],"version-history":[{"count":1,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/234316\/revisions"}],"predecessor-version":[{"id":234318,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/posts\/234316\/revisions\/234318"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media\/234317"}],"wp:attachment":[{"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/media?parent=234316"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/categories?post=234316"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/news.talkwithrattan.com\/index.php\/wp-json\/wp\/v2\/tags?post=234316"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}