Surat-based trader held under FEMA

A Surat-based trader was arrested on Wednesday under the Foreign Exchange Management Act (FEMA) ,after he failed to respond to several notices issued to him by the Enforcement Directorate (ED),Ahmedabad.

J P Singh,Joint Director at the ED,initiated the arrest of Bansukh Patel after the latter failed to reply to three notices issued to him earlier.

The ED had fined the trader Rs 3.99 lakhs as penalty for “illegally” transferring US $ 60,000 in 2006.

Sources said Patel had not paid the fine and did not respond to the subsequent notices. ED has 51 other cases in Gujarat involving Rs 70 crore pending recovery.