ED raids Vedanta Group's Mumbai and Delhi offices: Alleged violation of FEMA rules, searches conducted at several locations in Delhi and Mumbai

The ED (Enforcement Directorate) has raided Anil Agarwal's Vedanta Group. According to the report, the raids were conducted in connection with an investigation into violations of the Foreign Exchange Management Act. On Tuesday, the ED conducted raids at several locations of the Vedanta Group. ED officials are examining documents and digital evidence and investigations are on. Vedanta Limited is one of India's largest multinational mining, metals, oil and gas companies. It produces zinc, aluminium, crude oil and iron ore. The company is working on the process of splitting its business into separate independent companies. Senior ED officials informed that in connection with the investigation, raids were conducted at premises belonging to the Vedanta Group in Delhi and Mumbai on Tuesday. Regarding the ED's proceedings, a Vedanta spokesperson said that the company is fully cooperating with the investigating agencies and providing all the information sought. He also clarified that the company will comply with all applicable laws and regulations. The spokesperson further said that the matter is currently under process, so they cannot divulge further information at this time. The Vedanta Group was founded in the 1980s by Anil Agarwal. Born in Patna, Bihar, Anil Agarwal came to Mumbai in the 1970s. Initially, he started a scrap business. They used to buy scrap metal from other companies and sell it elsewhere. In 1976, he took a bank loan and bought a bankrupt cable company. He resurrected the company, and it was from here that his manufacturing journey began. In 1976, he established Sterlite Industries and started making cables using copper imported from abroad. The biggest turning point in Vedanta's history came in 2001 and 2002. At that time, the Government of India was privatizing public sector companies. Anil Agarwal took the risk and acquired two major public sector companies, BALCO and Hindustan Zinc. Agarwal acquired a 51% stake in aluminium company BALCO from the government. In 2002, Vedanta acquired Hindustan Zinc, a loss-making state-owned company, and through its superior operational efficiencies, became one of the world's largest zinc producers. In 2003, Anil Agarwal merged all his subsidiaries to form Vedanta Resources and listed it on the London Stock Exchange (LSE). In 2010, he expanded into the oil and gas sector with the acquisition of Cairn India. In 2013, Sterlite and Sesa Goa merged to form Vedanta Limited. What is FEMA? In India, the Foreign Exchange Management Act (FEMA) regulates foreign exchange transactions, foreign investment and the creation or transfer of wealth abroad. If a company violates these rules and manipulates foreign funds, the Enforcement Directorate (ED) has the power to investigate and seize assets under this law. Vedanta has been accused of violating certain rules in its overseas financial transactions. Vedanta Limited is a major global company operating in the metals, critical minerals and technology sectors. The company's business is spread across India, as well as many countries in Africa, the Middle East and East Asia. This is not the only controversy involving multinational mining company Vedanta. An FIR was lodged against the company's top leadership (including Anil Agarwal) after a boiler explosion at a power plant in Chhattisgarh in April 2026. More than 20 workers lost their lives in the incident. Last month, the Burla Irrigation Department had imposed a fine of Rs 233.11 crore on Vedanta Aluminium for extracting water from the Bheden river/canal in Odisha without permission. Vedanta's shares fell as soon as the news came out. The impact of this sudden action of the ED was also visible on the company's stock market. At around 11.45 am, shares of Vedanta Ltd were trading 0.7% lower at Rs 334.6. Vedanta Limited is a large company listed on the Indian stock exchange, with a market capitalisation of around Rs 1.3 lakh crore. The company is set to split into five parts, which was approved in May. The raids come at a critical time for the company as the group's demerger process is in its final stages. In May, the company received various necessary regulatory approvals for this demerger. Under the scheme, the existing business is being split into five different verticals, creating four new listed companies available for trading in the market.