New Delhi : The Enforcement Department (ED) on Tuesday has seized assets worth Rs 20.87 crore of Dabur group director Pradip Burman in connection with its FEMA probe in the HSBC Bank black money list unearthed few years ago. The ED initiated the action under the provisions of the Foreign Exchange Management Act (FEMA) and the seized assets include 50,000 tax-free government bonds of HUDCO and IRFC.
The agency took over the case on the basis of a charge sheet filed by the I-T Department against Burman as part of its probe in the leaked HSBC list of Indians. The agency said the assets were seized after it was found that Burman deposited $32.12 lakh in his account with HSBC Bank in Zurich and that he “did not” show this amount in his IT Returns filed during 2007-08 despite declaring it to the taxman that this was his earning. “The probe revealed that Burman has deposited $32.12 lakh with HSBC, Zurich and was holding the same in contravention of section 4 of FEMA and failed to repatriate the entire amount to India till date,” it said.