ED seize Rs 8.3 crore property for violating FEMA
During the course of investigation under the provisions of FEMA, it was revealed that the accused has acquired immovable properties valued at 53.09 Lakhs UAE Dirhams (equivalent to Rs 8.3 crore),
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The brothers claimed that it was a case of political vendetta and a “counter blast” for “fighting various cases against various influential political persons”. The Enforcement Directorate (ED) seized immovable property in the form of a residential house located in Attavara in Mangaluru valued at Rs 8.3 crore held by Iqbal Ahmed under the Foreign Exchange Management Act (FEMA), 1999.
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Based on the information received by ED that Ahmed, managing director of Iqbal Ahmed Infra Projects Private Limited and Sharief Marine Products Pvt Ltd, and a resident of Mangaluru, had acquired immovable property outside India by violating the provisions of the Foreign Exchange Management Act, 1999, the matter was taken up for detailed investigation. During the course of investigation under the provisions of FEMA, it was revealed that Ahmed has acquired immovable properties valued at 53.09 Lakhs UAE Dirhams (equivalent to Rs 8.3 crore), situated at Dubai, UAE, in violation of the provisions of Section 4 of Foreign Exchange Management Act, 1999.
As per provisions under 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 Directorate of Enforcement is empowered to seize value equivalent within India, of such foreign exchange, foreign security or immovable property.
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