The Enforcement Directorate (ED) has sent a show cause notice to two-time IPL champion Kolkata Knight Riders’ owners Shah Rukh Khan, Juhi Chawla and Gauri Khan. This is because they allegedly have violated the Foreign Exchange Manage Act (Fema) rules.


Apparently, the promoters of KKR sold their shares in the company at lower prices to a Mauritius-based company in 2009, The Sea Island Investment Limited, owned by Jay Mehta (who also happens to be Juhi’s husband).


ED had already heard from Shah Rukh Khan regarding this case. ED investigated the issue and found out that that deal cost the government a whopping ₹ 73.6 crore (loss).


Therefore, the agency filed a complaint against KKR, Shah Rukh Khan, Gauri Khan and Juhi Chawla, who were managing the company.  


The officials will meet the owners of KKR in the coming two weeks and decide on the penalty. The maximum penalty in this case could be three times the amount of loss, which is a staggering ₹ 220.8 crore.


"Based on the complaint, notices have been issued to the KKR team promoters to start the adjudication proceedings," an ED official was quoted as saying by The Times of India.