ED has ordered seizure of properties price Rs 89.19 crore held Tamil Nadu MP S Jagathrakshakan
New Delhi:
The Enforcement Directorate (ED) has ordered seizure of properties price Rs 89.19 crore held by Lok Sabha MP from Tamil Nadu S Jagathrakshakan and his relations for alleged violation of the International Trade Administration Act (FEMA).
The ED, in an announcement, mentioned the seizure of the properties was equal to the worth of the “illegally acquired, held and transferred overseas safety in a Singapore-based firm in contravention of the FEMA”.
Primarily based on the knowledge obtained by the company that S Jagathrakshakan had allegedly acquired overseas safety by violating provisions of the FEMA, the matter was taken up for detailed investigation.
The ED claimed that throughout the course of investigation below provisions of the FEMA, it has transpired that on June 15, 2017, S Jagathrakshakan and his son Sundeep Aanand had allegedly subscribed to 70,00,00zero shares and 20,00,00zero shares, respectively (valued at Singapore greenback one per share) of M/s. Silver Park Worldwide Pte. Ltd., Singapore, “with out acquiring the approval of the Reserve Financial institution of India”.
It mentioned that these alleged unauthorised acquired shares had been “transferred by S Jagathrakshakan to his relations in contravention of the FEMA”.
As per provisions of the Part 37A of the FEMA, if any overseas change, overseas safety or any immovable property, located exterior India, is suspected to have been held in contravention of Part four of the FEMA, the Enforcement Directorate is empowered to grab worth equal, located inside India, of such overseas change, overseas safety or immovable property.
Accordingly, the ED mentioned, immovable properties within the type of agricultural lands, plots, homes, and many others. in Tamil Nadu and movable properties within the type of balances in financial institution accounts and shares totalling to Rs 89.19 crore held by S Jagathrakshakan and his relations had been seized below the provisions of Part 37A of FEMA.
Additional investigation into the matter is in progress, the company mentioned.
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