The company owned by Baig and his family members received Rs 2.28 crore as foreign investment from a UAE firm for allotment of shares.
The Enforcement Directorate (ED) served a notice to Karnataka minister and Congress leader Roshan Baig and his family members for violating a Foreign Exchange Management Act (FEMA). The company owned by Baig and his family members received Rs 2.28 crore as foreign investment from a UAE firm for allotment of shares.
As per the agency, a notice has been issued to Ruman Enterprises Private Limited, which is registered with the Registrar of Companies in Bengaluru. The owners of the company are Sabiha Fathima, Rehman Roshan Baig, and Ruman Roshan Baig.
The company was incorporated on June 29, 2007, and is involved in software publishing, consultancy and supply of software, software operating systems, and other application software and computer games software for all platforms.
The agency alleged that the company received foreign remittance in lieu to purchase their shares from UEA-based Al Fujairah Steel Barrels. It received Rs 2.28 crore in the month of July and August in 2008, which was in violation of FEMA.
The agency stated that the money was illegally brought to India and shares were never procured by Al Fujairah Steel Barrels.
In its notice, the ED has alleged that the family's company has failed to float any share during the stipulated period, thus making the investment a case of FEMA violation. Baig has been asked to explain the end use of the funds received through foreign channels for investment purposes.
Roshan Baig's son Ruman Baig is a partner in Sujay Advertisements, which is also under the scanner of law enforcement agencies.
Roshan Baig has earlier been linked to the stamp scam.
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