Coimbatore: The Enforcement Directorate has frozen the assets of the DMK MP Jagathrakshakan and his family members worth Rs.89.19 crores.
Coimbatore:The Enforcement Directorate has frozen the assets of the DMK MP Jagathrakshakan and his family members worth Rs.89.19 crores.
Citing FEMA violations, the properties worth Rs.89.1 crore have been seized under Section 37 (A) of FEMA, 1999. The properties seized are equivalent in value to the violation.
The Enforcement Directorate has seized properties such as agricultural lands, plots, houses, bank balances in accounts and shares.
In a statement, the ED stated that the MP and his son had subscribed to shares in a Singapore company, M/s Silver Park International Pte. Ltd., Singapore. This was, however, undertaken without the approval of the RBI.
These shares that were purchased in an unauthorised manner and transferred to the family members of MP Jagathrakshakan were a violation of Section 4 of FEMA, Regulation 3 of the Foreign Exchange Management (Transfer or Issue of Foreign Secretary) Regulations, 2004.
Under Section 37 (A), the ED is empowered to seize the value equivalent within India.
The ED has acted in line with this and seized the immovable properties of the MP and his relatives, worth Rs.89.19 crore.
Citing FEMA violations, the properties worth Rs.89.1 crore have been seized under Section 37 (A) of FEMA, 1999. The properties seized are equivalent in value to the violation.
The Enforcement Directorate has seized properties such as agricultural lands, plots, houses, bank balances in accounts and shares.
In a statement, the ED stated that the MP and his son had subscribed to shares in a Singapore company, M/s Silver Park International Pte. Ltd., Singapore. This was, however, undertaken without the approval of the RBI.
These shares that were purchased in an unauthorised manner and transferred to the family members of MP Jagathrakshakan were a violation of Section 4 of FEMA, Regulation 3 of the Foreign Exchange Management (Transfer or Issue of Foreign Secretary) Regulations, 2004.
Under Section 37 (A), the ED is empowered to seize the value equivalent within India.
The ED has acted in line with this and seized the immovable properties of the MP and his relatives, worth Rs.89.19 crore.