The Enforcement Directorate has issued a show cause notice to Karti P Chidambaram in a case relating to FEMA violation to the tune of RS 2,262 crore. The ED also served notices to Advantage Strategic Consulting of Rs 45 crore for FEMA contraventions in the sale of Vasan shares to overseas investors.
The Enforcement Directorate has been probing if there were any financial dealings between the companies owned by Karti Chidambaram and V Dwarakanathan who is a stake holder in the Vasan Health Care Private Ltd.
The probe by the ED is to find out the transactions which involved huge sums of money which went into Vasan Health Care Pvt Ltd (VHPCL).
The ED is trying to ascertain if Karti Chidambaram had a role in these transactions and if he is linked with VHPCL. The ED says that it is probing the case under the provisions of the Prevention of Money Laundering Act of 2002.
The ED sought information from Dwarakanathan on the IT returns he has filed from 2004 to 2011, the details of assets, bank accounts and transactions he has done with the companies in which Karti has a stake.