(FEMA) violations of Rs 45 crore +accused the ED of making wild allegations +NEW DELHI: The Central Bureau of Investigation (CBI) conducted raids at the residences of former Union minister and senior Congress leader P Chidambaram and his son Karti in Chennai on Tuesday.Last month, a showcause notice had been issued to Karti Chidambaram and a firm purportedly linked to him for alleged Foreign Exchange Management Act. He is also being investigated on a money laundering charge in the Aircel-Maxis case. "A show cause notice has been issued to M/s Advantage Strategic Consulting Private Limited, its directors and also to Karti P Chidambaram who appears to be the controller and ultimate beneficiary in these transactions," the Enforcement Directorate (ED) had said in a statement.The firm Advantage Strategic Consulting Private Limited has come under the ED's lens over money laundering charges in the Aircel-Maxis deal.A similar notice had also been issued in the case to Chennai-based M/s Vasan Health Care Private Limited for alleged forex violation of Rs 2,262 crore.In response to the show cause notice, Chidamabaramagainst his son Karti. He added that the two companies have, in the past, explained their transactions and repeatedly clarified through their statements that Karti was "never a shareholder or a director" of either of the companies.The ED had carried out searches in the premises of Advantage Strategic Consultants Private Limited and others and issued summons to their directors under Sec 37 of FEMA in August last year. (With inputs from Agencies)

Source: Times of India May 16, 2017 03:27 UTC