ED may close FEMA case against Ramdev

May 27, 2015 20:20

The Enforcement Directorate may close a case of alleged foreign exchange violation it had initiated a few years ago against yoga exponent Ramdev and his Haridwar-based trusts due to insufficient evidence.

Sources said the agency has not been able to make any significant progress in the case as it could not obtain evidence with regard to financial links about the purchase of an island in Scotland that was 'gifted' to Ramdev by a couple who are among his followers.

The Little Cumbrae Island, off the fishing town of Largs in Scotland, serves as Ramdev's base overseas and also as a wellness centre.

Some similar assets in Madagascar, Africa, were also under probe and the agency had sent official communication for assistance in the case to their counterparts abroad.

ED had also sought the help of authorities in the UK and a few other locations to get inputs on funding-related aspects of the island, after it had registered a case under Foreign Exchange Management Act on the basis of a report from RBI and inputs from abroad on alleged "suspicious" financial transactions done by trusts run by Ramdev.

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