MUMBAI: The Enforcement Directorate(ED) has on Wednesday questioned Indian movie actor Shahrukh Khan over an alleged forex violation case. The ED alleged that Khan sold the shares of the IPL team Kolkata Knight riders at lower costs, to a company based in Mauritius violating the money laws.
The agency based in South Mumbai questioned Shahrukh Khan for about 4 hours in its official regional headquarters. Earlier, the Enforcement Directorate has summoned Shahrukh Khan twice to come to its headquarters in order to record his statement in the selling of KKR shares. However, the actor was busy in his movie schedule and was not able to visit the ED.
In his statement recorded by the Enforcement Directorate on Thursday, Shahrukh Khan said that the Indian Premier League and the Kolkata Knight riders were not profit making ventures in 2009. Khan added that the share prices were evaluated according to the profits at that time. Sources said that Khan denied of any wrongdoings in the process and stated that the valuation of KKR shares increased afterwards.
The Enforcement Directorate, has booked a case against Kolkata Knight Riders franchisee along with three other IPL teams for allegedly violating the Foreign Exchange Management Act (FEMA).
KKR sold fifty percent of its shares to a Mauritius based company, Sea Island Investment (SIIL), owned by the husband of KKR’s promoter and actress Juhi Chawla. The IPL team has issued its shares to the SIIL firm with a face value of Rs 10 per share. However, an audit indicated that the share value can be more than Rs.70.
