The Enforcement Directorate has issued show cause notices on a Noida-based firm and its executive for alleged forex violations to the tune of Rs 75 crore.
The agency identified the firm as Ms Angelique International Limited, which allegedly misused the government's Line of Credit (LoC) facility made to some African countries.
The ED had registered a case under the Foreign Exchange Management Act (FEMA) last year on the charges of misuse of the LoC facility by certain companies and it subsequently searched the said firm in January last year.
"The investigation revealed that the company had made certain payments on account of their overseas projects by way of padding up the cost of the projects undertaken by it and disguising the same as business development charges, site survey, consultancy etc.
"These projects were financed by government under Line of Credit and also by multilateral funding agencies like World Bank.
"Preliminary enquiries confirmed that Ms Angelique International Limited had indulged in sending large scale money abroad under banking transactions in violation of FEMA," the agency said in a statement.
The show cause notices of an amount of Rs 75 crore has been issued to the firm and its executives, the Enforcement Directorate said.
The ED, earlier, had issued a similar notice against the same firm and its executives for alleged contravention of FEMA laws to the tune of Rs 40 lakh.
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