MOVIE RIGHTS BARON RAPPED
FOR FOREX VIOLATION
The enforcement directorate has issued a
show-cause notice to Time Video promoter Dhirubhai Shah
accusing him of dealing illegally in foreign exchange valued
at Rs 160 million. Shah is a video magnate and he and his
associates own rights to an estimate 2,000 Hindi movies.
The enforcement directorate has alleged that Jain and his
associates would work as conduits to funnel money overseas
or into India. It says that non-resident Indians (NRIs)
wanting to send money into India illegally would pay Shah's
brother in Dubai in dollars who would then instruct Shah
to pay the NRIs' beneficiaries in India in rupees. The reverse
would work true for those wanting to send money overseas.
