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Business News

Jul 06, 2020

ED issues FEMA show cause notice of Rs. 7,220 crore on Kolkata-based jewellery house

The Enforcement Directorate (ED) has issued a FEMA show cause notice of Rs. 7,220  crore on  a Kolkata-based jewellery 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.

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