New Delhi: The Enforcement Directorate (ED) has issued a show-cause notice to Karti Chidambaram and a firm purportedly linked to him for alleged violations of the Foreign Exchange Management Act (Fema) to the tune of Rs45 crore.
The agency also issued a similar notice, after over two years of investigations, to another firm Vasan Healthcare Pvt. Ltd, based in Chennai, for alleged forex violations of Rs2,262 crore.
“The total amount of contravention identified on different counts and found to have been committed by M/s Advantage Strategic Consulting Private Limited in the sale transaction of shares of Vasan to overseas investors is around Rs45 crore. Show-cause notice has been issued to M/s Advantage Strategic Consulting Private Limited, its directors and also to Karti P. Chidambaram who appears to be the controller and ultimate beneficiary in these transactions,” the ED said in its notice.
Karti is the son of senior Congress leader and former finance minister P. Chidambaram.
Also Read: Subramanian Swamy trains guns on Karti Chidambaram
The total amount of contravention identified by the ED, under provisions of Fema, by Vasan Healthcare and its overseas investors on different counts in the investments received from overseas investors is around Rs2,100 crore and an additional Rs162 crore, thereby totalling Rs2,262 crore. PTI