Shah Rukh Khan summoned by ED for alleged forex violation

MUMBAI: The Enforcement Directorate (ED) questioned actor Shah Rukh Khan for four hours in forex violation case at their regional headquarter in Ballard Estate, South Mumbai, on Tuesday. The agency questioned Khan about sale of Kolkata Knight Riders (KKR) team shares at lower prices to Mauritius based company in 2009.

Khan reportedly told the officials that in 2009, the IPL and KKR were not profit-making ventures and accordingly they evaluated the share prices at that point of time. He denied any wrongdoing in the process and stated that valuation of shares increased afterwards.

The ED had registered a case against KKR and three other IPL teams under Foreign Exchange Management Act (FEMA) and summoned Khan twice in the past to record his statement. But the actor was busy with his film schedule and couldn’t visit the ED to record his statement.

The Mauritius-based company, Sea Island Investment (SIIL), was owned by Jay Mehta, husband of actor and KKR promoter Juhi Chawla. KKR had issued equity share of the IPL team to SIIL on face value of Rs 10 per share, but an audit indicated that share value of per share could more than Rs 70.

Courtesy by Times of India

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