Notices have also been sent to the company’s promoter director Ashok Kumar Agarwal and managing director Gopal Krishna Sharma: ED.
Notices have also been sent to the company’s promoter director Ashok Kumar Agarwal and managing director Gopal Krishna Sharma: ED.
The Enforcement Directorate has issued show cause notices to Transcorp International Ltd and others for alleged violation of Foreign Exchange Management Act (FEMA) worth Rs 7,272 crore.
The ED said on April 1, 2022 that notices have also been sent to the company’s promoter director Ashok Kumar Agarwal and managing director Gopal Krishna Sharma.
Listed on the Bombay Stock Exchange, the company has an Authorized Dealer Category-II license from the Reserve Bank of India (RBI) and is permitted to conduct various permissible money change (foreign exchange) transactions, outward remittance activities, etc.
“It was also an authorized person and Indian agent under the Money Transfer Service Scheme (MTSS) license by RBI and a major market player in the MTSS business with annual payouts in the range of ₹3,000- ₹4,500 crore, before January 2018. in the sale of business to Ebixcash World Money India Limited,” the agency said.
According to the ED, the company and its board of directors had committed serious lapses of mandated requirements as per the extant RBI Master Directions and Know Your Customer (KYC) norms/Anti-Money Laundering Standards/Directives to counter the financing of terrorism. Indian Agents under MTSS in respect of inward remittance activities across the border.