ED has ordered seizure of properties value Rs 89.19 crore held Tamil Nadu MP S Jagathrakshakan
New Delhi:
The Enforcement Directorate (ED) has ordered seizure of properties value Rs 89.19 crore held by Lok Sabha MP from Tamil Nadu S Jagathrakshakan and his members of the family for alleged violation of the International Change Administration Act (FEMA).
The ED, in an announcement, stated the seizure of the properties was equal to the worth of the “illegally acquired, held and transferred international safety in a Singapore-based firm in contravention of the FEMA”.
Primarily based on the data acquired by the company that S Jagathrakshakan had allegedly acquired international safety by violating provisions of the FEMA, the matter was taken up for detailed investigation.
The ED claimed that through the course of investigation underneath provisions of the FEMA, it has transpired that on June 15, 2017, S Jagathrakshakan and his son Sundeep Aanand had allegedly subscribed to 70,00,000 shares and 20,00,000 shares, respectively (valued at Singapore greenback one per share) of M/s. Silver Park Worldwide Pte. Ltd., Singapore, “with out acquiring the approval of the Reserve Financial institution of India”.
It stated that these alleged unauthorised acquired shares had been “transferred by S Jagathrakshakan to his members of the family in contravention of the FEMA”.
As per provisions of the Part 37A of the FEMA, if any international trade, international safety or any immovable property, located exterior India, is suspected to have been held in contravention of Part four of the FEMA, the Enforcement Directorate is empowered to grab worth equal, located inside India, of such international trade, international safety or immovable property.
Accordingly, the ED stated, immovable properties within the type of agricultural lands, plots, homes, and so forth. in Tamil Nadu and movable properties within the type of balances in financial institution accounts and shares totalling to Rs 89.19 crore held by S Jagathrakshakan and his members of the family had been seized underneath the provisions of Part 37A of FEMA.
Additional investigation into the matter is in progress, the company stated.
