The Enforcement Directorate (ED) has inquired seizing of properties worth ₹ 89.19 crores held by Tamil Nadu Lok Sabha MP S Jagathrakshakan and his relatives for supposed infringement of the Foreign Exchange Management Act (FEMA).
In an announcement, the ED stated the seizing of the properties was comparable to the amount of the unlawfully obtained, held and moved foreign security in a Singapore-based organization in violation of the FEMA.
In light of the data acquired by the office that S Jagathrakshakan had purportedly gained foreign security by disregarding terms of the FEMA, the issue was taken up for point by point inspection.
The ED guaranteed that throughout investigation under terms of the FEMA, it has happened that on June 15, 2017, S Jagathrakshakan and his child Sundeep Aanand had purportedly bought in to 70,00,000 shares and 20,00,000 shares, individually (esteemed at Singapore dollar one for each share) of M/s. Silver Park International Pte. Ltd., Singapore, without acquiring the sanction of the Reserve Bank of India”.
It stated that these supposed unapproved obtained shares were moved by S Jagathrakshakan to his relatives in contradiction of the FEMA”.
According to terms of the Section 37A under the FEMA, if any foreign trade, foreign security or any fixed property, located external of India, is suspected to have been held in denial of Section 4 under the FEMA, the Enforcement Directorate is engaged to hold onto value equivalent, situated inside India, of such foreign trade, foreign security or fixed property.
Hence, the ED stated, fixed properties in the figure of agricultural terrains, plots, residences, and so on in Tamil Nadu and versatile properties in the shape of money in bank accounts and shares summing up to ₹ 89.19 crores held by S Jagathrakshakan and his relatives were seized under the terms of Section 37A of FEMA. Further inquiry concerning the issue is in progress, the office said.
