The Enforcement Directorate on Wednesday said it has issued seizure orders for over half-a-dozen Indian assets, worth about 28 crore, of some Delhi-based “high-net worth individuals” who held “undisclosed” properties in Dubai worth crores of rupees.
The orders have been issued against two sets of individuals under the Foreign Exchange Management Act (FEMA) following searches at their premises in Delhi conducted a few months back, the federal probe agency said.
The action was undertaken based on intelligence inputs indicating that certain high-net worth individuals (HNIs), being residents in India, made overseas investments, primarily in Dubai, through payments routed via “hawala” channels, it said.
According to the agency, orders for seizure of Indian assets worth a combined Rs 28 crore were issued as the immovable properties based abroad could not be seized directly.
Under Section 37A, FEMA allows seizure of immovable properties located in India, equivalent in value to the foreignThe Enforcement Directorate on Wednesday said it has issued seizure orders for over half-a-dozen Indian assets, worth about 28 crore, of some Delhi-based “high-net worth individuals” who held “undisclosed” properties in Dubai worth crores of rupees.
The orders have been issued against two sets of individuals under the Foreign Exchange Management Act (FEMA) following searches at their premises in Delhi conducted a few months back, the federal probe agency said.
The action was undertaken based on intelligence inputs indicating that certain high-net worth individuals (HNIs), being residents in India, made overseas investments, primarily in Dubai, through payments routed via “hawala” channels, it said.
According to the agency, orders for seizure of Indian assets worth a combined Rs 28 crore were issued as the immovable properties based abroad could not be seized directly.
Under Section 37A, FEMA allows seizure of immovable properties located in India, equivalent in value to the foreign Latest News [ SOBAN NEWS: International and National ]
