Investigation into the Panama Papers case has revealed that a company owned by former Indian Premier League chairman Chirayu Amin allegedly brought back investments made abroad to India. The company is among the many exposed by The Indian Express through its Panama papers investigations in 2016. The company, along with another, has been issued a show-cause notice last month by the Adjudicating Authority under the Foreign Exchange Management Act (FEMA) following petitions by the Enforcement Directorate (ED).
The ED has been probing a case of forex violations against Whitefield Chemtech Pvt Ltd, a company owned by Amin, and Sintex Industries Ltd. Both had allegedly retained proceeds of sale of properties acquired through overseas direct investment (ODI) in foreign countries. Retaining such proceeds in foreign locations is in contravention of the provisions of the