New Delhi: The Enforcement Directorate (ED) has issued an order for seizing belongings price about Rs 8.6 crore of DMK MP Gautham Sigamani for alleged contravention of the International Trade Administration Act (FEMA), the company mentioned on Friday.
“Immovable properties within the type of agricultural lands, industrial and residential buildings amongst others in Tamil Nadu and movable properties within the type of financial institution balances and shares totalling to Rs 8.6 crore held by Gautham Sigamani have been seized by the company below the provisions of Part 37A of FEMA,” the ED mentioned in a press release.
Beneath this part of the FEMA, the ED is empowered to grab belongings in India whose worth is equal to any overseas trade, overseas safety or immovable property of an entity.
The connected belongings are equal to the worth of the “illegally acquired overseas safety and non-repatriation of overseas trade earned overseas until date, in contravention of part four of the FEMA,” it added.
Sigamani is a DMK Member of Parliament from the Kallakurichi Lok Sabha seat in Tamil Nadu.
The central probe company mentioned it took motion in opposition to the MP after it obtained info that he has “illegally acquired overseas safety with out RBI approval by contravening of the provisions of the part four of the FEMA.”
The probe discovered that the MP in March, 2008 made abroad funding of USD 1,00,000 (Rs 41,57,225) in buying 2.45 lakh shares of PT Excel Megindo, Jakarta and USD 55,000 (Rs. 22,86,924) in Common Enterprise Ventures, UAE with out RBI approval and therefore contravened the provisions of part four of FEMA for acquisition of overseas safety, it mentioned.
“Shri Gautam Sigamani, being an individual resident in India, didn’t repatriate income amounting to Rs 7,05,57,237 earned by him from Common Enterprise Ventures UAE for the monetary years 2008-09 to 2012-13 and continued to carry the identical overseas until date in contravention of Part four learn with Part Eight of FEMA,1999,” it mentioned.
“He additionally didn’t repatriate the stability quantity mendacity within the checking account of Common Enterprise Ventures to the tune of Dirhams 6,04,783 that’s equal to Rs 90,20,410 as on December, 2012 and continues to carry the identical overseas until date in contravention of part four learn with part Eight of FEMA, 1999,” the company claimed.