Rs 908 cr penalty imposed against DMK MP in Fema rules violation case: ED

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Rs 908 cr penalty imposed against DMK MP in Fema rules violation case: ED - Business Standard

Quick Summary:

The federal agency issued a statement which said that properties worth Rs 89.19 crore, seized in September 2020, have been confiscated following an adjudication order issued on August 26 under the Foreign Exchange Management Act (FEMA).

The Enforcement Directorate on Wednesday said a penalty of Rs 908 crore has been slapped in a case related to the violation of foreign exchange rules against DMK MP S Jagathratchakan and his family members.

This investigation, it said, resulted in the passing of seizure order, dated September 11, 2020 under section 37A of FEMA, for various movable and immovable properties in the name of the MP and his family members.