ED conducts search and seizure operation at NRI businessman's premises in Udupi and Shivamogga, finds FEMA violation
The Directorate of Enforcement (ED), Bengaluru Zonal Office, conducted a search and seizure operation under the Foreign Exchange Management Act (FEMA), 1999, in the case of 'Mohammed Iqbal & others', covering three premises in Udupi and Shivamogga districts last week.
During the search operations carried out on June 19, various incriminating documents related to FEMA violations and other digital devices were found and seized, according to a release from the ED on Monday.
During the investigation, it was found that Mohammed Iqbal, an NRI and Doha-based businessman operating in the manpower services business, had, over the years, remitted funds to the tune of ₹70 crore from his five business entities located in Doha to his NRE/NRO accounts maintained in India.
Incriminating documents seized during the search indicate that the said funds were subsequently utilised by him in violation of FEMA provisions, like loans given to resident companies, investment in residents proprietorship concerns and firms indulged in real estate business, purchase of agriculture lands and advances to various persons for purchasing lands for developing plots etc., the release said.
Further investigation is in progress, it added.
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