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ED notice to Vasan Healthcare for FEMA violations

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ED also served a notice to Advantage Strategic Consulting

T E Narasimhan  |  Chennai  April 17, 2017 Last Updated at 14:37 IST

ED notice to linked Vasan Healthcare for FEMA violations worth Rs 2262 cr

The Enforcement Directorate (ED) has served a notice to Vasan Health Care Pvt. Ltd for FEMA contraventions to the tune of Rs 2,262 crore.



The company’s name has been alleged in connection with former Finance Minister P Chidambaram’s son Karti Chidambaram, he has repeatedly denied the allegations.


Vasan Healthcare, once a unicorn and darling of the healthcare industry, a jewel in the crown of marquee venture capital (VC) funds Sequoia Capital India Advisors Pvt. Ltd and GIC Pte. Ltd (formerly Government of Singapore Investment Corporation) fell from grace.


Last year, searched Sequoia Capital offices in Bangalore.


Sequoia Capital had earlier subscribed to Rs 100 crore worth of preference shares. However, in 2010-11, it bought 30,000 shares of at Rs 7,500 per unit from Pvt. Ltd, which is also under the Enforcement Directorate scanner for suspected foreign exchange violations, according to reports.


In 2015, officials from the IT department and officials swooped on many firms owned by Karti Chidambaram, son of former finance minister P Chidambaram, for allegedly laundering black money through his firms in the Aircel-Maxis case.


Officials raided 12 places, including Karti’s Advantage Strategic Ltd  and Vasan Eye Care.


The raids were conducted under the FEMA Act. sources said that Vasan Eye Care had transferred 1.5 lakh shares to Karti’s Advantage Strategic Ltd. Besides, Aircel had paid Rs 26 lakh to Advantage Ltd for consultation. The investigators did not find any records to this effect.


Reports said that the Advantage Strategic was the nodal company with shares in Vasan Eye Care and it investigating agencies are suspecting a transaction of Rs 200 crore between the two companies, which took place around the time when the Foreign Investment Promotion Board (FIPB) had cleared the Aircel-Maxis merger.


The ruling Bharatiya Janata Party (BJP) had also alleged that Karti Chidambaram, through his Ausbridge Holdings, where he had 94% equity holdings, controlled Advantage Strategic. Ausbridge had bought 66% stake in Advantage Strategic.

ED notice to Vasan Healthcare for FEMA violations

ED also served a notice to Advantage Strategic Consulting

ED also served a notice to Advantage Strategic Consulting

The Enforcement Directorate (ED) has served a notice to Vasan Health Care Pvt. Ltd for FEMA contraventions to the tune of Rs 2,262 crore.



The company’s name has been alleged in connection with former Finance Minister P Chidambaram’s son Karti Chidambaram, he has repeatedly denied the allegations.


Vasan Healthcare, once a unicorn and darling of the healthcare industry, a jewel in the crown of marquee venture capital (VC) funds Sequoia Capital India Advisors Pvt. Ltd and GIC Pte. Ltd (formerly Government of Singapore Investment Corporation) fell from grace.


Last year, searched Sequoia Capital offices in Bangalore.


Sequoia Capital had earlier subscribed to Rs 100 crore worth of preference shares. However, in 2010-11, it bought 30,000 shares of at Rs 7,500 per unit from Pvt. Ltd, which is also under the Enforcement Directorate scanner for suspected foreign exchange violations, according to reports.


In 2015, officials from the IT department and officials swooped on many firms owned by Karti Chidambaram, son of former finance minister P Chidambaram, for allegedly laundering black money through his firms in the Aircel-Maxis case.


Officials raided 12 places, including Karti’s Advantage Strategic Ltd  and Vasan Eye Care.


The raids were conducted under the FEMA Act. sources said that Vasan Eye Care had transferred 1.5 lakh shares to Karti’s Advantage Strategic Ltd. Besides, Aircel had paid Rs 26 lakh to Advantage Ltd for consultation. The investigators did not find any records to this effect.


Reports said that the Advantage Strategic was the nodal company with shares in Vasan Eye Care and it investigating agencies are suspecting a transaction of Rs 200 crore between the two companies, which took place around the time when the Foreign Investment Promotion Board (FIPB) had cleared the Aircel-Maxis merger.


The ruling Bharatiya Janata Party (BJP) had also alleged that Karti Chidambaram, through his Ausbridge Holdings, where he had 94% equity holdings, controlled Advantage Strategic. Ausbridge had bought 66% stake in Advantage Strategic.


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T E Narasimhan

Business Standard

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