Amnesty Forex Case: ED raids two premises
The searches are in connection with alleged violation of FDI norms that is linked to an earlier case of revocation of Foreign Contribution Regulation Act (FCRA) licence of the NGO by the Union Home Ministry, the ED said
The Enforcement Directorate (ED) on Thursday conducted searches at two locations of human rights watchdog Amnesty International India here in connection with a foreign exchange contravention case, the agency said.
The searches, officials said, were launched late noon under the Foreign Exchange Management Act (FEMA) at the two locations of the NGO in the Karnataka capital and the sleuths of the central probe agency are looking for documents and other evidences. The searches are in connection with alleged violation of FDI norms that is linked to an earlier case of revocation of Foreign Contribution Regulation Act (FCRA) licence of the NGO by the Union Home Ministry, the ED said.
"After Amnesty International India Foundation Trust was denied the permission/registration under FCRA by the Ministry of Home Affairs, they floated a commercial entity in the name of Amnesty lnternational India Pvt Ltd." "This entity has received foreign funds of Rs 36 crore through commercial route till date," the ED said in a statement. Out of the total Rs 36 crore, it said, Rs 10 crore was received as long-term loans.
"This amount was immediately placed in fixed deposits and another Indian entity — Indians for Amnesty International Trust had established an over draft facility for Rs 14.25 crore keeping the said Rs 10 crore FD as collateral, which means the receipt of FDI by trust only."
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