ED seizes houses, plot worth Rs 17 crore of Karnataka resident for foreign exchange law violation
India Today
The ED has seized houses and plot worth Rs 17 crore of a Karnataka-based businessman for violating foreign exchange laws.
The Enforcement Directorate (ED) on Tuesday seized two residential houses and one industrial plot in Mangaluru, having a market value of Rs 17.34 crore registered in the name of Karnataka-based businessman K Mohammed Haris under the Foreign Exchange Management Act (FEMA).
Based on the information received by the ED that Mohammed Haris of Mukka group of companies, had acquired immovable property, business entities and made forex transactions outside India by violating the provisions of the Foreign Exchange Management Act, an investigation was launched by the agency.
“During the course of investigation under the provisions of FEMA, it has transpired that K Mohammed Haris has acquired a flat in Ajman UAE, held foreign bank accounts and has investments along with shareholdings in a foreign business entity in UAE to the tune of total AED 92,69,025.78 (equivalent to Rs.17.34 crore) in violation of the Foreign Exchange Management Act,” said the ED.
According to section 37A of FEMA, if any foreign exchange, foreign security or immovable property, situated outside India, is suspected to have been held in contravention of section 4 of FEMA, then the ED is empowered to seize value equivalent within India, of such foreign exchange, foreign security or immovable property.
