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ED orders seizure of properties worth about Rs 89 crore belonging to Tamil Nadu MP, family


New Delhi, Sep 12: The Enforcement Directorate (ED) has ordered seizure of properties worth Rs 89.19 crore held by Lok Sabha MP from Tamil Nadu S Jagathrakshakan and his family members for alleged violation of the Foreign Exchange Management Act (FEMA).

Enforcement Directorate

In a statement, the ED said the seizure of the properties was equivalent to the value of the "illegally acquired, held and transferred foreign security in a Singapore-based company in contravention of the FEMA". Based on the information received by the agency that Jagathrakshakan had allegedly acquired foreign security by violating provisions of the FEMA, the matter was taken up for detailed investigation.

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The ED claimed that during the course of investigation under provisions of the FEMA, it has transpired that on June 15, 2017, Jagathrakshakan and his son Sundeep Aanand had allegedly subscribed to 70,00,000 shares and 20,00,000 shares, respectively (valued at Singapore dollar one per share) of M/s. Silver Park International Pte. Ltd., Singapore, "without obtaining the approval of the Reserve Bank of India".

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It said that these alleged unauthorised acquired shares were "transferred by Jagathrakshakan to his family members in contravention of the FEMA". As per provisions of the Section 37A of the FEMA, if any foreign exchange, foreign security or any immovable property, situated outside India, is suspected to have been held in contravention of Section 4 of the FEMA, the Enforcement Directorate is empowered to seize value equivalent, situated within India, of such foreign exchange, foreign security or immovable property.

Accordingly, the ED said, immovable properties in the form of agricultural lands, plots, houses, etc. in Tamil Nadu and movable properties in the form of balances in bank accounts and shares totalling to Rs 89.19 crore held by Jagathrakshakan and his family members were seized under the provisions of Section 37A of FEMA. Further investigation into the matter is in progress, the agency said.

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