The Enforcement Directorate (ED) carried out multiple searches at the locations of Brightcom Group (BG), a Hyderabad-based digital marketing company, on August 23.
The searches were conducted at the residences of its CEO M. Suresh Reddy, CFO S.L.N. Raju, office and residence of company’s auditor P. Murali Mohana Rao under the provisions of the Foreign Exchange Management Act (FEMA), the ED stated in a release on Saturday.
The ED’s action was based on investigations being conducted by the Securities and Exchange Board of India (SEBI) regarding impairment of assets worth ₹868.30 crore by BG through its subsidiaries abroad.
