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Last Updated : Sep 12, 2020 03:25 PM IST | Source: Moneycontrol.com

ED seizes DMK MP S Jagathrakshakan's properties worth Rs 89 crore

The Enforcement Directorate conducted investigations based on information that Jagathrakshakan had acquired foreign securities in violation of FEMA.

Representative Image
Representative Image

The Enforcement Directorate (ED) on September 12 seized Rs 89.19 crore worth of assets owned by Dravida Munnetra Kazhagam (DMK) leader and Member of Parliament S Jagathrakshakan and his family members in a money laundering case.

"ED seizes FEMA, agricultural lands, plots, houses in Tamil Nadu, balances in bank accounts and shares totaling to Rs.89.19 crore held by S Jagathrakshakan, Member of Lok Sabha, and his family members for illegally acquired, held and transferred security in a Singapore-based company," the central agency tweeted on September 12. 

According to a report in Times of India, the ED conducted investigations based on information that Jagathrakshakan had acquired foreign securities in violation of the Foreign Exchange Management Act (FEMA).

According to the report, the lawmaker and his son had subscribed to 70,00,000 and 20,00,000 shares, respectively, of Silver Park International, Singapore, without the approval of the Reserve Bank of India.
First Published on Sep 12, 2020 03:25 pm
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