 "ED asks Shah Rukh Khan for details in IPL money laundering case")
The Enforcement Directorate (ED) has started adjudication proceedings against Kolkata Knight Rider franchise owner Shah Rukh Khan, in connection with a KKR-related FEMA case.
Adjudication proceeding, as per the agency, means seeking more clarification in regard to the ongoing case.
Earlier, the Enforcement Director issued a show cause notice to the Badshah of Bollywood, the reply to which, were not sufficient for the agency.
Hence, they have sought a more detailed reply to the notice from the KKR franchise owner.
For the unversed, Khan is being probed on a specific charge of irregularities in the sale of shares of Knight Riders Sports Pvt Ltd (KRSPL), a franchise owned by his company Red Chillies Entertainment, to a Mauritius-based company. The sale, reportedly, resulted in a loss of Rd. 73.6 crore.