Karti Chidambaram sends ED preliminary reply in FEMA violation case

Karti has filed a preliminary reply to the notice served on him by Enforcement Directorate against a firm controlled by him for alleged violation of FEMA to the tune of Rs 45 crore.

Published: 20th May 2017 03:43 AM  |   Last Updated: 20th May 2017 05:12 AM   |  A+A-

Former Union Minister P Chidambaram's son, Karti Chidambaram (EPS|Romani Agarwal)

By Express News Service

CHENNAI: Former Union Finance Minister P Chidambaram’s son Karti has filed a preliminary reply to the notice served on him by Enforcement Directorate against a firm controlled by him for alleged violation of Foreign Exchange Management Act (FEMA) to the tune of Rs 45 crore.

ED confirmed that they have received the preliminary reply filed by Karti, who is director of Advantage Strategic Consulting Private Limited.

Karti was served the notice after it was found that his firm violated FEMA in sale transaction of shares of Vasan Healthcare, a leading healthcare firm in Chennai to another firm Overseas Investors.

To a query on whether Karti wanted to inspect the incriminating documents following the ED notice, sources said that they have not got any reply in this regard.

Karthi along with his business aide has flown to London on Thursday after the CBI filed an FIR against him for influencing officials of FIPB unit of Finance Ministry to help INX media, which violated the FIPB norms and was under the scrutiny of IT investigation wing, get FIPB clearance illegally besides misinforming the IT investigation wing which sought clarification.

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