Few of the Bollywood stars are long overdue to submit details of their foreign accounts for International transactions and are now in trouble.
Bollywood has its own share of drama and this time it has affected the top rungs of the industry. The Enforcement Directorate for international dealings has targeted the Bachchan’s, Ajay Devgn and Shah Rukh Khan.
Shah Rukh Khan is known as King Khan of Bollywood for his acting and his amazing movies. But is in trouble for trading internationally.
The actor was recently called in for questioning by the Enforcement Directorate (ED) about his sale of shares of the Knight Riders IPL team with Bollywood actress Juhi Chawla. SRK recently sold his shares for the team to a Mauritius company owned by Jay Mehta, Juhi Chawla’s husband.
The Enforcement Directorate has some doubts regarding the SRK sales and wants to make sure that there is a right forex inflow of the deals accounts.
In a recent report by Economic Times, more celebrities are revealed to be in trouble for their international trading activities.
The Bachchan family consisting of veteran actors Amitabh Bachchan, Jaya Bachchan, Aishwarya Rai Bachchan and actor Abhishek Bachchan have been sent notices by the ED department.
Even Ajay Devgn, another Bollywood star of the ‘Golmaal’ fame has received the notice from Enforcement Directorate department.
The actors came into focus for their transactions when they failed to check in and submit their accounts with Liberalised Remittance Scheme of 2004. This led to the investigation into their accounts and remittances.
A source shared in the report, ”Mr Bachchan and his family members have to disclose outflows since 2004 – the year when the Reserve Bank of India introduced the Liberalised Remittance Scheme (LRS). ED is probably examining the remittances under LRS and those separately done for business trips…All transactions have been through banking channels,”
The Enforcement Directorate sent the notices almost a month ago under Section 37 of the Foreign Exchange Management Act (FEMA). It gives the powers to the ED to gather preliminary information before starting an investigation on the case.
Neither the Bachchan family nor Ajay Devgn made any comments on the revelations.
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