<p>The Enforcement Directorate on Friday seized properties worth Rs 8.60 crore owned by DMK MP Gautam Sigamani for illegally acquiring foreign security without approval from the Reserve Bank of India (RBI) under the Foreign Exchange Management Act, 1999 (FEMA).</p>.<p>Gautam Sigamani represents Kallakurichi in Lok Sabha and is also the son of senior DMK leader K Ponmudi. </p>.<p>In a press release, the ED said that it has issued a seizure order under Section 37A of Foreign Exchange Management Act, 1999 (FEMA) seizing properties held by the DMK MP to the tune of Rs 8.60 crores, equivalent to the value of the illegally acquired foreign security and non-repatriation of foreign exchange earned abroad till date.</p>.<p>During the investigation, it emerged that Gautham Sigamani made an overseas investment of $1,00,000 (Rs. 41,57,225) in acquiring 2,45,000 shares of PT Excel Meg Indo, Jakarta and $55,000 (Rs. 22,86,924) in M/s Universal Business Ventures, U.A.E without RBI approval and thereby contravened the provisions of Section 4 of FEMA.</p>.<p>He had also failed to repatriate profits amounting to Rs.7,05,57,237 earned by him from Universal Business Ventures, UAE for the period from 2008-09 to 2012-13 and continued to hold the same abroad till date in contravention of Section 4 read with Section 8 of FEMA,1999.</p>.<p>“Further, he also failed to repatriate the balance amount lying in the bank account of Universal Business Ventures, U.A.E. to the tune of 604783 Dirhams equivalent of Rs 90,20,410 as on 31.12.2012 and continues to hold the same abroad till date in contravention of Section 4 read with Section 8 of FEMA,1999,” the ED said.</p>.<p>Immovable properties in the form of agricultural lands, commercial and residential buildings in Tamil Nadu and movable properties in the form of balances in bank accounts and shares totaling to Rs 8.6 crores held by Gautham Sigamani have been seized under the provisions of Section 37A of FEMA.</p>.<p>“Further investigation in the case is in progress,” the ED said.</p>
<p>The Enforcement Directorate on Friday seized properties worth Rs 8.60 crore owned by DMK MP Gautam Sigamani for illegally acquiring foreign security without approval from the Reserve Bank of India (RBI) under the Foreign Exchange Management Act, 1999 (FEMA).</p>.<p>Gautam Sigamani represents Kallakurichi in Lok Sabha and is also the son of senior DMK leader K Ponmudi. </p>.<p>In a press release, the ED said that it has issued a seizure order under Section 37A of Foreign Exchange Management Act, 1999 (FEMA) seizing properties held by the DMK MP to the tune of Rs 8.60 crores, equivalent to the value of the illegally acquired foreign security and non-repatriation of foreign exchange earned abroad till date.</p>.<p>During the investigation, it emerged that Gautham Sigamani made an overseas investment of $1,00,000 (Rs. 41,57,225) in acquiring 2,45,000 shares of PT Excel Meg Indo, Jakarta and $55,000 (Rs. 22,86,924) in M/s Universal Business Ventures, U.A.E without RBI approval and thereby contravened the provisions of Section 4 of FEMA.</p>.<p>He had also failed to repatriate profits amounting to Rs.7,05,57,237 earned by him from Universal Business Ventures, UAE for the period from 2008-09 to 2012-13 and continued to hold the same abroad till date in contravention of Section 4 read with Section 8 of FEMA,1999.</p>.<p>“Further, he also failed to repatriate the balance amount lying in the bank account of Universal Business Ventures, U.A.E. to the tune of 604783 Dirhams equivalent of Rs 90,20,410 as on 31.12.2012 and continues to hold the same abroad till date in contravention of Section 4 read with Section 8 of FEMA,1999,” the ED said.</p>.<p>Immovable properties in the form of agricultural lands, commercial and residential buildings in Tamil Nadu and movable properties in the form of balances in bank accounts and shares totaling to Rs 8.6 crores held by Gautham Sigamani have been seized under the provisions of Section 37A of FEMA.</p>.<p>“Further investigation in the case is in progress,” the ED said.</p>
