Thursday, December 08, 2016

ED registers FEMA case in Rs 22 crore fraud claim in Air Asia

The Enforcement Directorate (ED) has registered a forex violation case to probe ousted Tata Group Chairman Cyrus Mistry's allegation that fraudulent transactions of Rs 22 crore, involving non-existent entities in India and Singapore, were carried out in an instance involving Air Asia airlines. ED has issued summons to the airline's officials and a few others to submit relevant documents and explain the matter to investigators next week as part of its probe into the case registered under the Foreign Exchange Management Act (FEMA).

The probe will also look at a specific transaction of Rs 12 crore, out of Rs 22 crore, made to a Singaporean firm. ED officials said the agency would first go into the documents and findings of an in-house forensic investigation, as claimed by Mistry. In October, flagging "ethical concerns" in Tata Group's joint venture with Air Asia, Mistry had claimed a forensic investigation had revealed fraudulent transactions of Rs 22 crore involving non-existent entities in India and Singapore.
07/12/16 PTI/DNA
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