Notice issued to Karti Chidambaram for forex violations

April 17, 2017 16:15
Notice issued to Karti Chidambaram for forex violations

The Enforcement Directorate on Monday (April 17) has issued a show-cause notice to politician Karti Chidambaram, son of former union minister P. Chidambaram and a firm purportedly linked to him for the alleged forex violations to the tune of Rs 450 million.

The ED also issued a similar notice, after two years of investigations, to another firm Vasan Health Care Private Limited in Chennai, for alleged forex violations of over Rs 20 billion.

"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.

"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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