Business
NRI biz man slapped Rs 1k-cr notice for violating forex laws
The Enforcement Directorate (ED) has issued a fresh show-cause notice to NRI businessman CC Thampi for alleged violation of foreign exchange laws to the tune of over Rs 1,000 crore in the purchase of vast tracts of land in Kerala, official sources said on Saturday.
The central probe agency has issued the notice under provisions of the Foreign Exchange Management Act (FEMA), alleging contravention of Rs 1,014.75 crore by the businessman, his wife M Rodrigues and their companies.
The ED, in February this year, issued a similar show-cause notice to Thampi and his firms for alleged FEMA violation amounting to over Rs 288 crore in acquiring about 927 acres of land in Delhi and adjoining areas.
The latest notice is for the FEMA violation amounting to Rs 1,014.75 crore and the land that he allegedly purchased in Kerala is over 594 acres. The agency registered a FEMA case against Thampi and his associates last year.
The firms that are being investigated by the ED, as part of the two show-cause notices, include Holiday City Centre Private Limited, Holiday Properties Private Limited and Holiday Bekal Resorts Private Limited.
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