The Enforcement Directorate, ED has issued a show cause notice to NRI businessman C C Thampi and his firms for alleged violation of Foreign Exchange laws. The notice was issued for acquiring vast tracts of land in Delhi and adjoining areas worth over 288 crore rupees. The ED had registered a case under the FEMA against Thampi last year.
The three firms that have been issued show cause notice include Holiday City Centre Private Limited. Thampi, an NRI, had acquired huge agricultural land mass in Palwal and Faridabad districts of Haryana in the name of his company Holiday City Centre Pvt Ltd by circumventing the prescribed law of land and in contravention of extant provision of FEMA.