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ED slaps ₹567cr fine on TN firm in FEMA probe
The New Indian Express
|November 02, 2024
THE Enforcement Directorate, Chennai, on Friday said it has slapped a penalty of ₹566.5 crore and ordered confiscation of properties worth ₹195 crore of Chennai-based GI Retail Private Ltd for violation of the Foreign Exchange Management Act (FEMA) in a case pertaining to transfer of shares of a company owned by it to German firm Wirecard through a Mauritius-based entity.
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The action was taken as per the order passed by an adjudication authority of the ED on October 30 based on its investigation into the sale of Hermes I Ticket Pvt Ltd (owned by GI Retail) to Mauritius-based Emerging Markets Investment Fund (EMIF), which in turn transferred the shares to Wirecard at an exorbitantly enhanced value.
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