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The Enforcement Directorate (ED) has seized immovable properties worth Rs 17.34 crore of K Mohammed Haris of Mukka Group of Companies under the Foreign Exchange Management Act (FEMA), the agency said on Tuesday.The properties are in the form of two residential houses and one industrial plot situated at Mangaluru.Based on the information received by the ED that Haris, a resident of Mangaluru, had acquired immovable property, and business entities and made Forex transactions outside India by violating the provisions of the Foreign Exchange Management Act, 1999. The matter was taken up for detailed investigation, said the agency.During the course of an investigation under the provisions of FEMA, the ED said, it has transpired that Haris had acquired a flat in Ajman, United Arab Emirates (UAE), held foreign bank accounts and investments and shareholdings in a foreign business entity in the UAE, totally valued at AED 92,69,025.78 (equivalent to Rs 17,34,80,746), in violation of the provisions of Section 4 of Foreign Exchange Management Act, 1999.As per provisions under Section 37A of FEMA, the ED said, 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, then the Directorate of Enforcement is empowered to seize value equivalent within India, of such foreign exchange, foreign security or immovable property.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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National :ED seizes Rs 17.34-cr assets of Mangaluru bizman K. Mohammed Haris under FEMA

The Enforcement Directorate (ED) has seized immovable properties worth Rs 17.34 crore of K Mohammed Haris of Mukka Group of Companies under the Foreign Exchange Management Act (FEMA), the agency said on Tuesday. ...