ED notice Roshan Baig's son in FEMA violation case

ED notice Roshan Baig's son in FEMA violation case

ED notice Roshan Baig's son in FEMA violation case

The Enforcement Directorate (ED) has issued notice to Urban Development Minister R Roshan Baig's son Ruman Baig in a case of violation under the Foreign Exchange Management Act (FEMA).

Sources said the role of the minister, who is one of the directors of the company (Ruman Enterprises Pvt Ltd), will also be investigated.

Sources said Roshan and his other family members who run Ruman Enterprises had received funds from UAE-based Fujairah Steel Barrels and the funds were not properly accounted for.

The firm deals with software development and processes. The company had reportedly received money from a UAE-based company over a period of time. However, till date, the company has not made any provisions for allotment of any share to the foreign firm. The amount received has not been accounted for, so far.

The ED feels that if the money transferred was for investment in Ruman Enterprises, it should have been shown in the books of account. ED also sought an explanation on what purpose the money was received for.

Not explaining the purpose of money received amounts to violation under FEMA rules. ED sources said, as of now, only the minister's son had been issued notice, seeking explanation on the transfer of funds. Baig was unavailable for comment even after text messages were sent to him.

Ruman Enterprises is a Bengaluru-registered company and was incorporated in June 2007. The directors of the company are: Sabiha Fathima, Rehman Baig and Ruman Baig.