A former police inspector, Abdul Samad, was sentenced to two years’ imprisonment by the Economic Offences Court for violating the Foreign Exchange Regulation Act, 1973 (FERA) by acquiring foreign currency to the tune of ₹2,94,50,120 without prior permission from the Reserve Bank of India during the year 1993.
The court also imposed a ₹50,000 fine on along with the sentence. According to a statement issued by the Enforcement Directorate, a search was conducted at the residential premises of Abdul Samad in July 1993.
Multiple currencies
U.S. dollars amounting to 1,92,493, Saudi riyals adding up to 5,44,000, 12,000 Qatari riyals, 70,500 UAE dirhams and 11 Singapore dollars (equivalent to ₹2,94,50,120) were seized.
Abdul Samad, an Indian resident, was not an authorised dealer in foreign exchange.
While delivering the judgment the court observed that, the offence under FERA is a heinous crime.
Such contraventions and offences are committed in an organised manner upsetting the economy of the country, the court added.