Chennai: Going by the contents of the show-cause notice issued by Enforcement Directorate (ED), Devas multimedia private limited will have to pay Rs 3,650 crore in fine lieu of penalty imposed under the Foreign Exchange Management Act (Fema, 1999.
The notice slapped by the ED’s Special Director (Southern Region) against Devas observed that Fema violations on three counts, amount to Rs 1,217.76 crore. The notice is in continuation of the probe initiated by ED with regard to Fema case of 2012 into alleged money-laundering in the deal struck between Antrix, commercial arm of Isro, in January 2005, to use the S-band of spectrum wavelength.
Former Isro director Madhavan Nair was questioned by the CBI in the same case in which Devas reportedly had a wrongful gain of Rs 578 crore.
