 "ED slaps Rs 1k-cr Fema notice on NRI businessman Thampi over land deal")
The Enforcement Directorate (ED) on Saturday issued a show-cause notice to NRI businessman C C Thampi for alleged violation of the Foreign Exchange Management Act (FEMA) to the tune of Rs 1000 crore.
Earlier, the ED had booked Thampi under Prevention of Money Laundering Act (PMLA) in connection with alleged wrongful approval for an engineering college in Thrissur by All India Council for Technical Education in 2009.
Thampi is the chairman of Holiday Group whose businesses extend across India and UAE.
According to the ED's earlier revelations, Thampi was accused of buying huge tracts of land via Foreign Direct Investment.
Following that there was also a look-out circular issued against him, after which Thampi had approached the Kerala High Court with a plea to revoke the circular.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app