4 months ago
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The Enforcement Directorate (ED) has secured orders to prehend 8 immovable properties worthy ₹27.83 crore for violations of the Foreign Exchange Management Act (FEMA). The ED discovered, with the assistance of quality inputs and aft conducting searches, that definite high-net-worth individuals had made investments overseas, peculiarly successful Dubai, utilizing funds sent done “hawala” channels.
“Searches (in Delhi) resulted successful the betterment of incriminating documents and accusation relating to undisclosed overseas assets acquired successful contravention of FEMA provisions,” the ED said connected Wednesday.
“Kapil Aggarwal and Ms. Sangeeta Aggarwal, some nonmigratory successful India, jointly acquired and held 10 immovable properties successful Dubai for a full information of AED 1,94,03,975, equivalent to astir ₹34.14 crore without immoderate corresponding outward remittance from India done authorised banking channels,” the bureau alleged.
“They besides failed to furnish immoderate documentary grounds regarding the root of overseas funds utilized for acquisition of the said properties, arsenic good arsenic immoderate support from the Reserve Bank of India (RBI) for acquisition of overseas assets abroad,” it alleged, adding that orders to prehend 5 immovable properties successful India (worth astir ₹17.83 crore) person been issued.
“Similarly, probe revealed that S. Bhattacharya, a idiosyncratic nonmigratory successful India, had acquired 2 immovable properties valued astatine AED 40,07,319, equivalent to astir ₹.9.83 crore, without immoderate corresponding outward remittance from India done authorised banking channels,” alleged the ED.
Accordingly, orders for the seizure of 3 immovable assets valued astatine astir ₹10 crore person been issued. The enactment was taken nether Section 37A of FEMA.
