MANGALURU: The Enforcement Directorate (ED) has attached immovable property in the form of a residential house located at Attavar in the city, worth Rs 8.3 crore. Mangaluru Businessmen under the Foreign Exchange Management Act (FEMA), 1999.
The ED received information that Iqbal Ahmed, a city resident and managing director of Iqbal Ahmed Infra Projects Pvt Ltd and Sharif Marine Products Pvt Ltd, has acquired immovable property outside India in violation of the provisions of the Foreign Exchange Management Act, 1999.
An ED release said that based on the information, a detailed investigation was conducted into the matter.
During investigation under the provisions of FEMA, it was revealed that Ahmed has acquired immovable property worth 53.09 lakh UAE dirhams (equivalent to Rs 8.3 crore) located in Dubai, United Arab Emirates, in compliance with the provisions of section 4 of the Foreigners Act. is a violation of. Exchange Management Act, 1999.
As per the provisions of Section 37A of FEMA, if any foreign exchange, foreign security or immovable property situated outside India is suspected to be in contravention of Section 4 of FEMA, the Enforcement Directorate shall be liable to forfeit the value within India. Has the right to. of such foreign exchange, foreign security or immovable property.
The ED received information that Iqbal Ahmed, a city resident and managing director of Iqbal Ahmed Infra Projects Pvt Ltd and Sharif Marine Products Pvt Ltd, has acquired immovable property outside India in violation of the provisions of the Foreign Exchange Management Act, 1999.
An ED release said that based on the information, a detailed investigation was conducted into the matter.
During investigation under the provisions of FEMA, it was revealed that Ahmed has acquired immovable property worth 53.09 lakh UAE dirhams (equivalent to Rs 8.3 crore) located in Dubai, United Arab Emirates, in compliance with the provisions of section 4 of the Foreigners Act. is a violation of. Exchange Management Act, 1999.
As per the provisions of Section 37A of FEMA, if any foreign exchange, foreign security or immovable property situated outside India is suspected to be in contravention of Section 4 of FEMA, the Enforcement Directorate shall be liable to forfeit the value within India. Has the right to. of such foreign exchange, foreign security or immovable property.