Enforcement Directorate issues show-cause notice to Karti Chidambaram for alleged forex violations

ED also served notice to Vasan Health Care Pvt Ltd for FEMA contraventions to the tune of Rs 2,262 crore.

By: Express Web Desk | New Delhi | Updated: April 17, 2017 9:29:22 pm

The Enforcement Directorate, on Monday,  issued a show-cause notice to former Union minister P Chidambaram’s son Karti Chidambaram and others over alleged forex violations to the tune of Rs 45 crore.

In a series of tweets, the Enforcement Directorate also said it served notice to two Chennai firms. “ED serves notice to M/s Advantage Strategic Consulting for Rs 45 crore for FEMA contraventions in sale of Vasan Shares to overseas investors.” Apart from this, the ED also served notice to Vasan Health Care Pvt Ltd for FEMA contraventions to the tune of Rs 2,262 crore.

“The total amount of contravention identified on different counts and found to have been committed by M/s Advantage Strategic Consulting Private Limited in the sale transaction of shares of Vasan (Chennai firm) to overseas investors is around Rs 45 crore.

READ | Cannot silence my voice by targetting my son: P Chidambaram on ED show-cause notice

“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,” the ED said in its notice.

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