ED attaches assets worth Rs 17.34cr in FEMA violation case
The Enforcement Directorate (ED) on Thursday said it has attached immovable properties worth Rs 17.34 crore in connection with a case related to violation of the Foreign Exchange Management Act (FEMA).
IANS
Jan 12, 2023 10:35
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New Delhi, Jan 12 (IANS) The Enforcement Directorate (ED) on Thursday said it has attached immovable properties worth Rs 17.34 crore in connection with a case related to violation of the Foreign Exchange Management Act (FEMA).
The case was lodged against K. Mohammed Haris, a Mangaluru-based businessman associated with Mukka Group of Companies.
Investigations were conducted in this case, based on the information received from the Income Tax Department.
"During the course of investigation, it transpired that Haris had acquired foreign asset, foreign exchange and foreign investment in the form of a flat, bank deposits in foreign bank account and shareholdings in foreign entity worth Rs 17,34,80,746, situated in UAE, in violation of the provisions of Section 4 of Foreign Exchange Management Act," said the official.
As per provisions of a certain FEMA section, the ED is empowered to take action in some cases.
"Accordingly, immovable properties in the form of two residential houses and one industrial plot situated at Mangaluru, valued at Rs 17,34,49,000 held by Haris were seized by the ED, under the provisions of Section 37A of FEMA, and a Petition was filed before the Competent Authority, FEMA, which was subsequently confirmed by the Competent Authority," said the official.
