Panama leaks: Enforcement Directorate seizes foreign assets worth Rs 7 crore of Delhi jeweller

The agency said it was the first instance of seizure of foreign assets after the Foreign Exchange Management Act (FEMA) was amended recently and the ED was empowered to take action in cases where illegal assets were stashed abroad.

The amendment was made by the government in Section 37A of the FEMA.

The Panama Papers, that was brought to the fore by the International Consortium of Investigative Journalists (ICIJ) a few years ago, had about 500 Indian names in it. They were alleged to have stashed assets abroad illegally.