HYDERABAD: The Enforcement Directorate has seized Rs 16 crore belonging to Hyderabad-based Alphageo (India) under the provisions of Foreign Exchange Management Act-1999. According to sources, the ED acting after learning that the company transferred and parked certain funds in the UAE in contravention of FEMA rules.
Alphageo provides seismic survey services to various oil exploration companies in India and other countries. According to the ED, a hawala operator-cum-Chartered Accountant Rajeev Saxena’s role was identified. His company ‘Matrix Group DMCC’ allegedly received payment for the equipment for seismic data from various suppliers.
In a release, the ED stated, “By way of over-invoicing import bills Alphageo has parked funds into the account of Matrix Group DMCC for the personal benefit of Dinesh Alla, chairman and managing director of Alphageo iin contravention of provisions of FEMA Act 1999. Investigation revealed that an amount of USD 25,34,628 was held outside in India in contravention of Section 4 of FEMA-1999.According to ED sources, further investigation is in progress.