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Sequoia Capital Raided by ED for FDI Violations in Vasan Healthcare

Apart from Vijay Mallya, the Enforcement Directorate is also focusing on another Bangalore venture capitalist Sequoia Capital, whose office in Bangalore was radied on Monday for alleged foreign exchange violations relating to investment in Vasan Healthcare, which was a familiar face of advertisements on TVs.

Sequoia said in a Twitter message:"Sequoia has adopted a policy of full compliance with that investigation & has dutifully responded to governmental inquiries."

Sequoia has invested among many others, in Vasan and Aircel-Maxis which are under cloud involving former finance minister P Chidambaram’s son Karti Chidambaram.

Singapore-based Sequoia Capital’s India office in Bangalore said the raid was a part of an ongoing probe of Vasan Group in which the venture capitalist has made a minority investment. It may be noted that Sequioa capital is a major investor in Many microfinance institutions and small enterprises in India.

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