ED slaps Rs 566.5 crore penalty on Chennai-based GI Retail
The Enforcement Directorate (ED) has penalized Chennai-based GI Retail Pvt Ltd Rs 566.5 crore under FEMA for illegally parking Rs 195 crore abroad through a series of fraudulent share sales. The investigation showed the shares were routed through a Mauritius firm to disguise the true sale price and the money was siphoned to UAE-based entities.
