ED seizes assets of Dabur India director Pradip Burman

The Enforcement Directorate on Tuesday seized movable properties of Dabur India Limited director Pradip Burman worth ₹20.87 crores under the Foreign Exchange Management Act for holding undisclosed assets abroad.

The seizure order has been issued pursuant to an investigation which prima facie revealed that Mr. Burman had deposited $32.12 lakh in his account with the Hong Kong and Sanghai Banking Corporation (HSBC) in Zurich.

Mr. Burman declared before the Income-Tax (IT) Department that he had earned the amount, but not declared it in his I-T returns in India for the year 2007-08.

After completing the probe, the Department filed a prosecution complaint against him and the case is currently pending trial.

The movable assets include tax free government bonds of HUDCO and Indian Railway Finance Corporation (IRFC) purchased on different dates.

Mr. Burman is a director with Dabar India, Sanat Product Limited and Ayurved Pvt, Ratna Commercial Enterprises (P) Limited and also a trustee in Dr. S. K. Burman Charitable Trust, a Burman family trust, the agency said.