Chandraswamy charged with illegal acquisition of foreign exchange

New Delhi, Dec 16 (UNI) A City Court has ordered framing of charges against tantrik Chandraswamy and two others of illegal acquisition of foreign exchange.

The prosecution alleged that during the year 1992 Chandraswamy and Vikram Singh had acquired foreign exchange worth US dollars 10,500 from a person other than authorised dealer, without the previous or special permission of Reserve Bank of India. It is alleged that Chandraswamy and Vikram Singh illegally acquired the foreign exchange equivalent to Rs 30 lakh transferred to them by one Prakash Chandra Yadav.

The Patiala House Court has gone through the various documents and also the pre-charged evidence to show that all the persons did not furnish any general or special permission of the RBI despite being given an opportunity.

The Court said there is a sufficient material on the basis of which it can be proved that the accused persons have violated the provisions of Section 8 (1) of Foreign Exchange Regulation Act (FERA) punishable under Section 56 of FERA.

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