ED searches Sequoia Capital Bengaluru office in Vasan Eye Care FEMA case

By: |
Updated: April 19, 2016 6:13 PM

The Enforcement Directorate (ED) has conducted searches on a Bengaluru-based prominent venture capital investor firm Sequoia Capital in connection with its alleged forex violations probe against Vasan Eye Care, a Chennai-based healthcare group.

ED had earlier conducted searches in this regard in December last year in its case against a firm Ms Advantage Strategic Consulting Private Limited.ED had earlier conducted searches in this regard in December last year in its case against a firm Ms Advantage Strategic Consulting Private Limited.

The Enforcement Directorate (ED) has conducted searches on a Bengaluru-based prominent venture capital investor firm Sequoia Capital in connection with its alleged forex violations probe against Vasan Eye Care, a Chennai-based healthcare group.

Officials said a team of agency sleuths carried out searches at the business premises of Sequoia Capital in Bengaluru under the provisions of the Foreign Exchange Management Act (FEMA) and the action was necessitated as ED is probing Vasan Eye Care with which Karti Chidambaram was once linked.

The Bengaluru company which calls itself “a startup building partner to founders in India who want to turn business ideas into enduring companies” confirmed the action when it put out a few tweets.

“Yesterday’s ED visit is part of the ongoing investigation into Vasan where Sequoia India is a minority investor along with others. Sequoia has adopted a policy of full compliance with that investigation & has dutifully responded to governmental inquiries recd to date. We continue to cooperate with the ongoing investigation on Vasan,” it said.

Sources added investigators picked up some documents as part of the search.

The agency had earlier conducted searches in this regard in December last year in its case against a firm Ms Advantage Strategic Consulting Private Limited and others and had also searched Karti’s business premises in Chennai.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1GST Council move to correct inverted duty structure to lessen tax burden of apparel industry, trade body says
2CCI probe finds Google guilty of anti-competitive practices in mobile OS market, report says
3Law does not permit any relief to Mistrys once their case on oppression failed