New Delhi: The Enforcement Directorate (ED) has issued a FEMA show cause notice of Rs. 7,220 crore on a Kolkata-based jewelry house for allegedly indulging in illegal foreign exchange abroad.
The ED has charged Shree Ganesh Jewellery House Ltd and its promoters by an order issued by the adjudicating authority of the Foreign Exchange Management Act (FEMA) in Kolkata.
The ED has said that the company and its promoters have been charged under FEMA for resorting to unauthorised foreign exchange dealings, holding of foreign exchange outside India and willful siphoning off a whopping amount of Rs. 7,220 crore as export proceeds.
The FEMA show cause notice has been issued after completion of an over year-long investigation and under various sections of the Forex law.
The company Ganesh Jewellery House is one among top 100 willful defaulters as per RBI.
The Agency said, the investigation conducted under FEMA so far has revealed that Promoters Nilesh Parekh, Umesh Parekh and Kamlesh Parekh are serial offenders and various cases are pending against him in several departments like, Central Bureau of Investigation and Directorate of Revenue Intelligence and even internationally.
A Letter of Request is pending against them from Switzerland.
