Indian Express, New Delhi: The Enforcement Directorate has for the first time filed a chargesheet against a Singapore-based firm for alleged foreign exchange violations worth Rs 185 crore in the last year's Commonwealth Games. The ED has filed the complaint (equivalent to a chargesheet) against the firm -- Pico Event Marketing Private Limited -- for allegedly contravening 
foreign exchange rules for undertaking overlays works during the Games. The Singapore-based firm will soon be issued notices to explain their case to the adjudicating authority of the ED, who is probing a host of transactions and events related to the Games for alleged charges of money laundering and forex violations. “The complaint has been registered under the provisions of the Foreign Exchange Management Act (FEMA) and there is a provision of 300 per cent penalties, if the charges are upheld by the adjudicating authority who is a senior officer of the ED,” sources said. Read Full: CWG: ED files chargesheet against Singapore-based firm - Indian Express
