Rajeev Jhawar – Managing Direct of Usha Martin Limited has been accused of violating Foreign Exchange Management FEMA Act. On December 14, 2018 he has been interrogated by members of the Enforcement Directorate (ED) in his Kolkata office.
Rajiv Jhawar has been under the scanner for some time now for moving funds to create assets abroad besides a few other issues. In 2013 ED had registered Rajeev Jhawar’s statement following his supposed involvement in purchase as well as registration of an immovable asset in Singapore. He has made a number of other oversea transactions which are under the radar.
Usha Martin Limited was known to be among the top manufacturers of Steel and wire ropes in India. But clearly, due to the involvement of his MD in dubious interactions, the company has been in the news for all the wrong reasons lately. You can read for yourself.