ED seizes Rs 1.6 cr properties from businessman in TN

ED seizes Rs 1.6 cr properties from businessman in TN

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).
 
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.
 
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.
 
Further, the accused could not produce any evidences to show the amount was repatriated to India.

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.
 
Further Investigations are in progress.

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