<p>The Enforcement Directorate (ED) here on Wednesday seized movable properties of about Rs 1.6 Cr from a city-based businessman under Foreign Exchange Management Act (FEMA).<br /> <br />Under the provisions of FEMA, a case was investigated Pradip D Kothari hailing from Chennai in respect of credit of foreign exchange to the tune of US Dollars 35,2258.25 held in a foreign account and thereby contravened the provisions of section 4 of FEMA.<br /> <br />During investigations it was admitted that amounts were kept in the foreign accounts without proper permission from RBI and without declaring the same to tax Authorities.<br /> <br />Further, the accused could not produce any evidences to show the amount was repatriated to India.<br /><br />As it is the violation of FEMA, the ED authorities seized Rs 1.59 Crores of Kothari, held in his demat account at a private bank in Chennai under the provisions of Section 37A of FEMA.<br /> <br />Further Investigations are in progress.</p>
<p>The Enforcement Directorate (ED) here on Wednesday seized movable properties of about Rs 1.6 Cr from a city-based businessman under Foreign Exchange Management Act (FEMA).<br /> <br />Under the provisions of FEMA, a case was investigated Pradip D Kothari hailing from Chennai in respect of credit of foreign exchange to the tune of US Dollars 35,2258.25 held in a foreign account and thereby contravened the provisions of section 4 of FEMA.<br /> <br />During investigations it was admitted that amounts were kept in the foreign accounts without proper permission from RBI and without declaring the same to tax Authorities.<br /> <br />Further, the accused could not produce any evidences to show the amount was repatriated to India.<br /><br />As it is the violation of FEMA, the ED authorities seized Rs 1.59 Crores of Kothari, held in his demat account at a private bank in Chennai under the provisions of Section 37A of FEMA.<br /> <br />Further Investigations are in progress.</p>
