New Delhi – The Enforcement Directorate (ED) executed coordinated searches at roughly 17 locations in Kolkata, Delhi and Bengaluru on Wednesday, targeting assets linked to McNally Bharat Engineering Company Ltd (MBECL) as part of a wider FEMA inquiry.
The raids encompassed premises owned by the company, properties associated with individuals involved in its recent acquisition, and other connected entities. The operation follows MBECL’s entry into the Corporate Insolvency Resolution Process (CIRP) before the National Company Law Tribunal (NCLT), where BTL EPC’s resolution plan received approval.
The ED’s probe is centred on tracing the origin of capital used to secure control of MBECL, as well as scrutinising a series of financial movements tied to the firm. Investigators are also assessing whether the insolvency framework was exploited to facilitate an indirect re‑acquisition of ownership by parties who would otherwise be barred under Section 29A of the Insolvency and Bankruptcy Code, 2016.
Materials seized—including documents, ledgers and electronic records—are currently being analysed to piece together the transaction network. To date, none of the persons or organisations whose premises were searched have issued a public response.
