Forex violation: ED issues notice to Karti Chidambaram

New Delhi [India], Apr 17 : The Enforcement Directorate on Monday issued a show-cause notice to Karti Chidambaram, son of senior Congress leader and former finance minister P.

Chidambaram and others for alleged forex violations to the tune of Rs. 45 crore. After over two years of investigations, the Enforcement Directorate issued a similar notice to another Chennai based firm M/s Vasan Health Care Private Limited, for alleged forex violations of Rs.

2,262 crore. The Enforcement Directorate 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 Foreign Exchange Management Act (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 investments received from overseas investors is nearly Rs.2,100 crore and additional Rs.

162 crore, totalling to Rs. 2,262 crore..

Source: ANI