The Enforcement Directorate has seized a residential property worth ₹2 crore against the undeclared overseas asset held by a person facing the allegation of illegally dealing in foreign currency.
The property located in Jalandhar has been seized under Section 37A of the Foreign Exchange Management Act (FEMA).
Following a specific tip off about the alleged involvement of one Sukhwinder Singh Lally in illegal foreign exchange dealings, the agency had searched his premises on December 6. It led to the seizure of papers revealing that he had illegally acquired a house in Ontario, Canada, as alleged.
The money required to buy the property was illegally transferred by him via non-banking channel from India and a part of the payment was also arranged by him through a friend in Canada, without adhering to due procedures under the FEMA and the RBI guidelines, the agency said.
Lally maintained undeclared bank accounts in Canada and had received ₹16.50 lakh in India from a resident of New Zealand in an unauthorised manner. He also arranged funds to the tune of CAD4,500 for a relative in Canada, in violation of the FEMA provisions, it is alleged.
