Mangaluru, Apr 1 (PTI): The Enforcement Directorate (ED) has seized immovable property in the form of a residential house located in Attavar in the city valued at Rs 8.3 crore held by a Mangaluru businessman under the Foreign Exchange Management Act (FEMA), 1999.
ED received information that Iqbal Ahmed, a resident of the city and managing director of Iqbal Ahmed Infra Projects Private Limited and Sharief Marine Products Private limited, had acquired immovable property outside India by violating the provisions of the Foreign Exchange Management Act, 1999.
Based on the information, the matter was taken up for detailed investigation, an ED release said.
During the course of investigation under the provisions of FEMA, it was revealed that Ahmed has acquired immovable properties valued at 53.09 Lakh 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, the Directorate of Enforcement is empowered to seize value equivalent within India, of such foreign exchange, foreign security or immovable property. PTI MVG MVG SS SS
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Source: The Print
