The Enforcement Directorate (ED) has started investigating Abir Lavasa, son of Election Commissioner Ashok Lavasa, and the company in which he is a director under the Foreign Exchange Management Act (FEMA), according to a report by The Indian Express.
Abir Lavasa has come under the ED scanner for alleged violation of foreign exchange laws. The ED is said to be looking at Rs 7.25 crore raised by Nourish Organic Foods Pvt Ltd, where Abir holds 10,000 shares, in March 2019 from Saama Capital, a Mauritius-based investor. The latter has invested in a number of startups in India including Paytm, ChaiPoint, Vistaar (NBFC), Snapdeal and SKS Microfinance.
According to the report, Abir made an appearance before the Investigating Officer of the case last Friday after the investigating agency sent summons. He was given a week to furnish documents related to the funds raised.
Abir Lavasa told the newspaper that he was fully complying with the ongoing inquiry.
The ED has also reportedly sent a summons to the director of Saama Capital. “There is a probe in connection with investments in the company where Lavasa is a director. The company was loss-making and yet received heavy investments at a premium. So we want to question (Abir) Lavasa about it,” an ED official told the newspaper.
The move by ED comes just months after the Income Tax Department surveyed the books of accounts of Nourish Organic Foods Ltd. The department served a notice to the company in August.