ED issues show-cause notice to Karti Chidambaram for violation of forex norms

New Delhi: The Enforecement Directorate (ED) on Monday issued show-cause notice to Karti Chidambaram and others for alleged forex violations to the tune of Rs 45 crore.

The ED has also issued notice to a Chennai-based pharma firm 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.

"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.

Karti is the son of senior Congress leader and former finance minister P Chidambaram.

With PTI Inputs