<p>New Delhi: The Enforcement Directorate has registered a forex violation case against a Kerala-based charitable organisation for receiving Rs 220 crore from abroad in alleged violation of the Foreign Contribution Regulation Act (FCRA).</p>.<p>The investigation pertains to Kunhahmed Musliyar Memorial Trust located in Kasargod and its chairman Ibrahim Ahmad Ali, an NRI.</p>.<p>Searches were conducted under the Foreign Exchange Management Act (FEMA) at two locations in Kasargod on Thursday in connection with the case, the ED said in a statement.</p>.ED raids realty firm for diverting flat buyers' funds in Bengaluru.<p>The Trust, according to the ED, received more than Rs 220 crore since 2021 from Ibrahim Ahmad Ali, which was reflected in the books of accounts as "unsecured" loans.</p>.<p>However, no loan agreement, interest rate terms, or repayment schedule were available, and no repayment had been made till date, the probe agency said.</p>.<p>The probe found that these funds were received by Ali from a UAE company named Universal Lubricants LLC.</p>.<p>In the absence of supporting documents and in view of the clarification given under a section of the FCRA, the said loan prima facie qualified as "foreign contribution" under FCRA, the statement said.</p>.<p>According to the ED, the Trust is "not registered" under the FCRA and does not possess the "mandatory permission" or a designated FCRA bank account to receive foreign contributions.</p>.<p>It was found that a part of these foreign contributions was "utilised" for the purchase of agricultural land in India, in violation of the existing regulations.</p>.<p>The search action found that the Trust received Rs 2.49 crore in "cash" from Ali in violation of FEMA provisions.</p>.<p>"During the search, incriminating documents, ledger accounts showing unsecured loans of Rs 220 crore, the cash book of the Trust, and a hard disk containing financial data were seized," the ED said.</p>
<p>New Delhi: The Enforcement Directorate has registered a forex violation case against a Kerala-based charitable organisation for receiving Rs 220 crore from abroad in alleged violation of the Foreign Contribution Regulation Act (FCRA).</p>.<p>The investigation pertains to Kunhahmed Musliyar Memorial Trust located in Kasargod and its chairman Ibrahim Ahmad Ali, an NRI.</p>.<p>Searches were conducted under the Foreign Exchange Management Act (FEMA) at two locations in Kasargod on Thursday in connection with the case, the ED said in a statement.</p>.ED raids realty firm for diverting flat buyers' funds in Bengaluru.<p>The Trust, according to the ED, received more than Rs 220 crore since 2021 from Ibrahim Ahmad Ali, which was reflected in the books of accounts as "unsecured" loans.</p>.<p>However, no loan agreement, interest rate terms, or repayment schedule were available, and no repayment had been made till date, the probe agency said.</p>.<p>The probe found that these funds were received by Ali from a UAE company named Universal Lubricants LLC.</p>.<p>In the absence of supporting documents and in view of the clarification given under a section of the FCRA, the said loan prima facie qualified as "foreign contribution" under FCRA, the statement said.</p>.<p>According to the ED, the Trust is "not registered" under the FCRA and does not possess the "mandatory permission" or a designated FCRA bank account to receive foreign contributions.</p>.<p>It was found that a part of these foreign contributions was "utilised" for the purchase of agricultural land in India, in violation of the existing regulations.</p>.<p>The search action found that the Trust received Rs 2.49 crore in "cash" from Ali in violation of FEMA provisions.</p>.<p>"During the search, incriminating documents, ledger accounts showing unsecured loans of Rs 220 crore, the cash book of the Trust, and a hard disk containing financial data were seized," the ED said.</p>