Bank fraud: ED slaps biggest ever FEMA notice of Rs 7,220-cr on Kolkata firm

NEW DELHI: The Enforcement Directorate (ED) has slapped its biggest ever FEMA show cause notice of Rs 7,220 crore on a Kolkata-based jewellery house for allegedly indulging in illegal foreign exchange abroad, official sources said on Monday.

This is linked to a bank loan fraud case, they said.

The central probe agency has charged Shree Ganesh Jewellery House (I) Ltd and its promoters by an order issued by the adjudicating authority of the Foreign Exchange Management Act (FEMA) in Kolkata.

The authority is a special director rank officer of the ED. (AGENCIES)