Forex Trouble: Sequoia Capital Clarifies On Twitter After ED Raids Bengaluru Office Allegations of foreign exchange violations against Venture firm Sequoia Capital.

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Sequoia

There are allegations of foreign exchange violations against Venture firm Sequoia Capital. The Enforcement Directorate raided Sequoia Capital's office in Bengaluru on Monday. The violations are allegedly related to Vasan Healthcare that runs Vasan Eye care centers.

While the news set off social media abuzz, Sequoia took to Twitter to clarify. In a message, the company said: "Sequoia has adopted a policy of full compliance with that investigation & has dutifully responded to governmental inquiries recd (sic) to date. We continue to co-operate with the ongoing investigation on Vasan.

It tweeted that it was a minority investor, along with others, in Vasan Healthcare.

Sequoia's purchase of 30,000 shares of Vasan Healthcare at Rs 7,500 per unit from Advantage Strategic Consulting Pvt Ltd in 2010-11 is under ED scanner for suspected foreign exchange violations, a report in The HIndu said.

Sequoia has been an investor in Vasan Healthcare since February 2009. This is not the first time Sequoia has faced trouble with the ED. In December last year, there were reports that the agencies have claimed to have unearthed documents during previous raids on firms linked to P Chidambaram's son Karti that indicated that Sequoia Capital, was allegedly partnered for misuse of the foreign direct investment policy.

News and Trends

Vivek Oberoi Acquires 21% Stake in Rutland Square Spirits

"India's rich tea heritage will now meet Scotland's time-honoured spirits tradition," said Oberoi. "This project is an exciting bridge between two economies and cultures."

Business Ideas

70 Small Business Ideas to Start in 2025

We put together a list of the best, most profitable small business ideas for entrepreneurs to pursue in 2025.

News and Trends

Recur Club Announces Credit Offerings for Startups Beyond Series A and SMEs

In FY 24–25, the platform also plans to deploy an additional INR 2000 crores through its Recur Swift program for startups.

News and Trends

Alt Carbon Bags USD 12 Mn to Power Carbon Removal Innovation

The fresh funds will be deployed to accelerate carbon dioxide removal across the Global South, deepen earth sciences R&D, advance hardware innovations, and scale up its on-ground operations, especially in India.

News and Trends

Vi and Liferay: Powering a New Era of Commerce, From Consumer to Enterprise

"Vi's visionary approach to building a highly personalized and integrated digital services clearly demonstrates their unwavering focus on understanding and exceeding modern customer expectations," Manish Gupta, Director, Liferay India

Thought Leaders

Why Dubai Is the Next Global Haven for Entrepreneurs and the Ultra-Wealthy

I moved to Dubai 16 years ago to build something real. Here's my journey and the city's role in shaping my success.