The Enforcement Directorate (ED) has said that it has seized mutual funds valued at Rs 10.35 crore under the FEMA law of a company “controlled” by businessman and former IPL Chairman Chirayu Amin in the Panama Papers case.
The names of Amin and his family members, it said in a statement, had figured in the Panama Papers case with respect to their stakes or interests in the firm in the British Virgin Islands.
During the investigation, the agency said, it was noticed that Amin and his family members, through their company Whitefield Chemtech Pvt Ltd India, had “invested an amount of 1.6 million US dollars for purchase of a 3BHK apartment in Campden Hill, UK.”
Section 37A of the FEMA stipulates that if certain foreign exchange, foreign security or immovable property is held outside India in violation of this law, the equivalent value of asset can be seized within India.
“Accordingly, equivalent asset amounting to Rs 10.35 crore in the form of mutual funds were seized under Section 37A of FEMA, 1999,” it said.
A spokesperson of the Whitefield Chemtech Private Limited has responded and said,
Enforcement Directorate (ED) is probing Indians named in the Panama Papers, along with the Income Tax Department.
The MAG has so far submitted seven reports to the government.
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