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