ED slaps Rs 7,220cr FEMA notice on Kol firm

The Enforcement Directorate (ED) slapped a showcause notice on a Kolkata-based jewellery house for siphoning off Rs 7,220 crore —the highest ever under the Foreign Exchange Management Act (FEMA)—in alleged illegal foreign exchange deals. The promoters of Shree Ganesh Jewellery, Nilesh Parekh, Umesh Parekh and Kamlesh Parekh, also came under the lens of the Directorate of Revenue Intelligence.

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