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Forex violation: ED issues notice to Karti Chidambaram

ANI  |  New Delhi [India] 

The on Monday issued a show-cause notice to Karti Chidambaram, son of senior leader and former minister P. Chidambaram and others for alleged violations to the tune of Rs. 45 crore.

After over two years of investigations, the issued a similar notice to another based firm M/s Vasan Health Care Private Limited, for alleged violations of Rs. 2,262 crore.

The said that the 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.

Under the provisions of the (FEMA),the total amount of contravention identified by the ED, by M/s Vasan Healthcare Private Limited and its overseas investors on different counts in the received from overseas investors is nearly Rs.2,100 crore and additional Rs. 162 crore, totalling to Rs. 2,262 crore.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, April 17 2017. 17:42 IST