ED Fines DMK MP Jagathrakshakan And Family ₹900 Crore In FEMA Case

(MENAFN- Live Mint) The Enforcement Directorate on Wednesday said that a fine of ₹900 crore has been slapped in FEMA case against DMK MP Jagathrakshakan and family members.

The Central probe agency said that assets worth ₹89 crore have been confiscated in a case related to the violation of foreign exchange rules.

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Issuing a statement, the ED stated that properties worth ₹89.19 crore, seized in September 2020, have been confiscated following an adjudication order issued on August 26 under the Foreign Exchange Management Act (FEMA).

MP Jagathratchakan, 76, represents the Arakkonam Lok Sabha seat.

"ED, Chennai had conducted investigation under FEMA against Jagathrakshakan, a businessman from Tamil Nadu and Member of Parliament, his family members and related Indian entity. The properties worth Rs. 89.19 Crore which was seized in terms of Section 37A of FEMA was also ordered for confiscation, and penalty of Rs.908 Crore (approx.) is levied vide Adjudication Order passed on August 26, 2024," said ED in a post on X.

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This investigation, it said, resulted in the passing of seizure order, dated September 11, 2020 under section 37A of FEMA, for various movable and immovable properties in the name of DMK MP S Jagathratchakan and his family members.

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On August 28, ED Gurugram provisionally attached assets worth Rs. 294.19 Crore in the form of Lands, Buildings, Flats and FDR under the provisions of the PMLA, 2002 in the case of M/s Sunstar Overseas Ltd. & Others.

On August 24, ED Guwahati conducted search operations in the case of fraudulent award of contracts worth ₹118 Crore by Assam Building and other Construction Workers Welfare Board (ABOCWWB), to M/s Purbashree Printing House [a proprietorship concern of Priyanshu Boiragi]. During searches various incriminating documents and material were seized and attached assets worth Rs.34.03 Crore of Priyanshu Boiragi.

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