Enforcement Directorate searches Bengaluru firm in FEMA case
ED's visit is part of the ongoing investigation into Vasan where Sequoia India is a minority investor along with others.
New Delhi: The Enforcement Directorate (ED)has conducted searches on a Bengaluru-based prominent venture capital investor firm in connection with its alleged forex violations probe against Vasan Eye Care, a Chennai-based healthcare group.
Officials said a team of agency sleuths carried out searches at the business premises of Sequoia Capital in Bengaluru under the provisions of the Foreign Exchange Management Act (FEMA) and the action was necessitated as ED is probing Vasan Eye Care with which Karti Chidambaram was once linked.
The Bengaluru company which calls itself "a startup building partner to founders in India who want to turn business ideas into enduring companies" confirmed the action when it put out a few tweets.
"Yesterday's ED visit is part of the ongoing investigation into Vasan where Sequoia India is a minority investor along with others. Sequoia has adopted a policy of full compliance with that investigation & has dutifully responded to governmental inquiries recd to date. We continue to cooperate with the ongoing investigation on Vasan," it said.
Sources added investigators picked up some documents as part of the search. The agency had earlier conducted searches in this regard in December last year in its case against a firm Ms Advantage Strategic Consulting Private Limited and others and had also searched Karti's business premises in Chennai.