The searches, which began on Monday and continued on Tuesday, were carried out under the provisions of the Foreign Exchange Management Act, and not under the Prevention of Money Laundering Act, the people clarified.
The probe is related to royalty payments made by Vedanta to its parent entity, Vedanta Resources Limited. Investigators are examining whether the transactions complied with the applicable foreign exchange regulations.
A Vedanta spokesperson said the company was cooperating with the authorities. “We are extending full cooperation to the authorities and are providing all information sought. The company remains committed to compliance with all applicable laws and regulations. As the matter is currently under regulatory process, we are unable to comment further at this stage,” the spokesperson said.