ED orders seizure of TN DMK MP's properties worth Rs 89 crore

South India
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The assets are equivalent in value to foreign securities that were illegally acquired from a Singapore-based company and later found transferred to the MP's family in contravention of Section 4 of Foreign Exchange Management Act (FEMA)

The Enforcement Directorate (ED) has issued orders to seize properties worth Rs 89 crore held by Tamil Nadu opposition DMK MP, Senior S Jagathrakshakan and his family members, the agency said on Saturday, September 12.

The assets are equivalent in value to foreign securities that were illegally acquired from a Singapore-based company and later found transferred to the MP's family in contravention of Section 4 of Foreign Exchange Management Act (FEMA).

The seizure include Immovable properties in the form of agricultural land, plots, houses etc in Tamil Nadu and movable properties such as balances in bank accounts and shares totalling Rs 89.19 crore held by Jagathrakshakan and his family.

The seizure came following investigation into the complaints that Jagathrakshakan had acquired foreign securities in violation of FEMA. An ED statement said that they had received information that Jagathrakshakan had allegedly acquired foreign security in violation of FEMA. The DMK leader represents Arakkonam constituency in Tamil Nadu in the Lok Sabha.

The statement said that during the course of investigation, it transpired that on June 15, 2017 Jagathrakshakan & his son Sundeep Aanand had subscribed to nine million shares of Silver Park International Pte Ltd, Singapore, without obtaining RBI approval.

Jagathrakshakan then transferred these shares to his family members in contravention of Section 4 of FEMA read with Regulation 3 of the Foreign Exchange Management (Transfer or Issue of Foreign Security) Regulations, 2004, said the ED.

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