ED seizes shares worth ₹1.19 cr. against assets held in U.K.

The Enforcement Directorate has seized shares worth ₹1.19 crore, held by an accused in Sanatan Financers & Real Estates Private Limited, for holding two properties in the United Kingdom in alleged violation of the Foreign Exchange Management Act.

The properties worth £1.26 lakh, located in the Stoke-on-Trent area of the U.K., were acquired by accused Sunil Kumar in alleged contravention of Section 4 of the Act.

The seizure order was issued on the basis of documents found during the searches in the official premises of the company in January, under the Prevention of Money Laundering Act.

The money-laundering case has been instituted with respect to the FIRs registered by the Goa police alleging that the Sanatan Financers & Real Estates Private Limited, Sunil Kumar and his son Ankit had cheated foreign nationals.

It is alleged that from 2006 to 20011, the accused collected funds from the victims through the Foreign Direct Investment route on the pretext of selling to them flats and villas under project “Peace Valley” in Goa’s Sirvoi. However, the ownership was never transferred to them. The accounts of shell entities were used for receiving the money.

The ED had earlier arrested Ankit for his alleged involvement. In May, the agency attached 56 flats, 16 villas and bank balances worth ₹7.73 crore in the case.

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Printable version | Nov 30, 2020 4:23:04 PM |

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