The Enforcement Directorate (ED) has seized a residential house in Attavar, Mangaluru, valued at around Rs 8.3 crore under the Foreign Exchange Management Act (FEMA), 1999.
Acting on the information about Iqbal Ahmed, managing director of M/s Iqbal Ahmed Infra Projects Private Limited and Sharief Marine Products Pvt Ltd and a resident of Mangaluru, had acquired immovable property in Dubai, UAE by violating the provisions of the FEMA the ED had initiated a detailed investigation. During the investigation, it was found that Ahmed has acquired immovable properties valued at 53.09 Lakhs UAE Dirhams (equivalent to Rs 8.3 crore in Indian Currency).
As per provisions under FEMA if any foreign exchange, foreign security or immovable property, situated outside India, is suspected to have been held in contravention of Section 4 of FEMA - Holding of foreign exchange, then ED is empowered to seize value equivalent within India, of such foreign exchange, foreign security or immovable property. Accordingly, immovable property in Attavara of Mangaluru has been seized.
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