MUMBAI: The adjudicating authority under Foreign Exchange Management Act (FEMA) has imposed Rs 230.40-crore fine on audit firm PricewaterhouseCoopers ( PwC ) for alleged violations of various provisions of FEMA , the Enforcement Directorate (ED) said.According to the agency, an investigation against PwC and its functionaries commenced on the basis of specific input stating that the company had allegedly received huge foreign investments from abroad in the guise of ‘grants’.“During the course of investigation it was revealed that PwC had received $4,98,42,747/ equivalent to Rs 229 crore as purported grants from PricewaterhouseCoopers Services BV. The funds so received as ‘grants have been utilised for various business purposes including acquisition of other Indian companies and paying non-compete fee and accordingly a complaint was filed,” said the agency.The adjudicating authority during the course of adjudication had held the company guilty of violation of section 10 (6), 6(2), 6(3) and 9 (b) of FEMA, for receiving investments in the guise of purported grants in non permitted sector without the approval of government or RBI and imposed penalty of Rs 230 crore on PwC Pvt Ltd and other penalties on office bearers of companies including past and present chairman and directors, the agency said.