"During the search operations, evidences like digital data, books and other material have been recovered. Further investigation is under progress," the release issued by the corporate affairs ministry said on Monday.These cases arise from the fraudulent availing of subsidies amounting to Rs 297 crore cumulatively by all the three companies under the Faster Adoption and Manufacturing of Electric Vehicles (FAME) II scheme of the Ministry of Heavy Industries (MHI).The FAME II scheme was launched in 2019 to promote electric and hybrid vehicles in India. The scheme and the Phased Manufacturing Programme (PMP) guidelines stipulated manufacturing of some key components in India, for the vehicle to be eligible for subsidy under the scheme.According to the corporate affairs ministry release, the SFIO has conducted search operations at Hero Electric Vehicles Pvt Ltd, Benling India Energy and Technology Pvt Ltd and Okinawa Autotech International Pvt Ltd."The three companies, for claiming subsidies had deceptively shown compliance with the applicable guidelines to the MHI, which was subsequently found to be incorrect and false," it said.

FAME II scheme violations: SFIO probes 3 EV cos; conducts search ops

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is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.

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{{magzter}} is the World's largest and fastest growing self-service, cross-platform digital newsstand with over 88 million users since its inception in 2011 and thousands of magazines and newspapers across 40+ categories and 60+ languages. Headquartered in New York, Magzter has its local presence in Amsterdam, London, Mexico City, Chennai, Mumbai, New Delhi, Bengaluru, Singapore, and will soon be expanding to other countries. Founded by global entrepreneurs, Girish Ramdas and Vijay Radhakrishnan in June 2011, Magzter enables magazine and newspaper publishers around the world to create and deliver digital editions of their titles to global consumers.