New Delhi, ANI. The Enforcement Directorate (ED) has ordered forfeiture of assets worth 89.19 crore made by DMK MP S Jagratakshnan and his family members. The Enforcement Directorate has issued an order of confiscation under Section 37A of the Foreign Exchange Management Act, 1999 (FEMA). The seizure of assets was equivalent to the value of illegally acquired, held and transferred to a Singapore company in violation of FEMA.
According to the information received, Jagratakshan had allegedly obtained foreign security in violation of FEMA provisions, the matter was taken up for detailed investigation.
The Enforcement Directorate claimed that during the investigation under the provisions of FEMA, it has submitted that on 15 June 2017 and his son Sudeep Anand subscribed for 70,00,000 shares and 20,00,000 shares (valued in Singapore) respectively. One dollar per share of M / s Silver Park International Ltd. of Singapore) without obtaining RBI approval.