Home / India News / ED issues Rs 206 cr FEMA notice to Kolkata businessman over secret account

ED issues Rs 206 cr FEMA notice to Kolkata businessman over secret account

The Adjudicating Authority of the ED, an agency officer in the rank of special director, issued a show cause notice amounting to Rs 206 crore to the businessman for alleged contravention of FEMA

States' issuance of discom bonds has also worried the FPI, and they see it as a potential stress

Premium

For these transactions, it said, the businessman did not have any specific permission from the Reserve Bank of India

3 min read Last Updated : Jun 24 2020 | 6:17 PM IST

The Enforcement Directorate (ED) has issued a show cause notice amounting to Rs 206 crore against a Kolkata-based businessman for allegedly holding an undisclosed foreign bank account in Singapore in violation of RBI rules and Foreign Exchange Management Act.

In a statement issued on Wednesday, the central probe agency has charged builder and Mani Group promoter Sanjay Jhunjhunwala with "illegal dealings and trading in foreign currencies in Singapore, illegal external borrowings and unauthorisedly maintaining foreign bank accounts."

The Adjudicating Authority of the ED, an agency officer in the rank of special director, issued a show cause notice amounting to Rs

What you get on BS Premium?

Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
Pick your 5 favourite companies, get a daily email with all news updates on them.
Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
Preferential invites to Business Standard events.
Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.

VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in