The Enforcement Directorate has seized assets worth ₹1.59 crore of a Chennai-based industrialist Pradip D. Kothari under the Foreign Exchange Management Act (FEMA) in lieu of a foreign bank account.
Contravention of FEMA
Under FEMA provisions, a case was instituted against Mr. Kothari, in respect of a credit of foreign exchange to the tune of $3.5 lakh in A/c 5091365665 of Xenios Foundation in HSBC Bank, Geneva, in alleged contravention of the law.
“During investigation, it was admitted that the amounts were kept in the foreign accounts without proper permission of the RBI and without declaring the same to tax authorities. Further, he could not produce any evidence to show that the said amount was repatriated to India.”
