ED raids premises of Bharath Infra Exports and Imports Ltd in Bengaluru and Davangere in bank fraud case
NEW DELHI:
The Enforcement Directorate has seized assets worth Rs 17.34 crore of a Karnataka resident, who allegedly acquired property abroad and made overseas transactions in violation of the Foreign Exchange Management Act.
The federal agency said in a statement that two houses and an industrial plot of Mangaluru resident K Mohammed Haris have been seized.
ED has seized immovable properties in the form of two residential houses and one industrial plot situated at Mangaluru, having market value of Rs. 17.34 Crore held in the name of K. Mohammed Haris under FEMA, 1999.
— ED (@dir_ed) July 12, 2022
Haris, the Enforcement Directorate (ED) alleged, ”acquired” a flat in Ajman UAE, held foreign bank accounts and investments and shareholdings in a foreign business entity in UAE valued at AED 92,69,025.78 (equivalent to Rs 17,34,80,746), in violation of section 4 of FEMA, 1999.” According to section 37A of the Act, if any foreign exchange, foreign security or immovable property, situated outside India, is suspected to have been held in contravention of this law, then the ED is empowered to seize value equivalent within India, of such foreign exchange, foreign security or immovable property, it said.
The total market value of the seized Indian assets is Rs 17.34 crore, it said. PTI
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