The searches were conducted on suspicion that these EV companies fraudulently availed subsidies worth ₹297 crore under the faster adoption and manufacturing of electric vehicles (FAME) II scheme of the ministry of heavy industries.
After the searches, the SFIO said these companies, in order to claim subsidies under FAME II, had deceptively shown compliance with the applicable guidelines to the heavy industries ministry, which was later found to be incorrect and false.
This story is from the December 03, 2024 edition of Financial Express Mumbai.
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This story is from the December 03, 2024 edition of Financial Express Mumbai.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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