Bengaluru realtor, family face Fema violation case
According to an ED press release, the adjudicating authority issued a show-cause notice to Fernandes and his family following the complaint.
The investigation was initiated based on information that Fernandes and his family contravened Fema provisions between 2017 and 2024. ED probe revealed remittances totalling over Rs 20.5 cr were sent abroad by Fernandes and his family members, the press release said.
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According to ED, nearly Rs 3.7 crore was remitted under Liberalised Remittance Scheme (LRS) for investment purposes.
However, after redeeming the investments, the funds were retained in foreign accounts and repatriated back to India after a significant delay.
Further, the agency found nearly Rs 16.9 crore was sent abroad under the pretext of family maintenance through LRS. Investigation, however, revealed none of his family members or relatives was residing abroad during that period. The funds were allegedly used for investments overseas and, upon redemption, retained abroad before being repatriated with delays, the press release said.
The ED said these actions constitute significant violations of Fema provisions, prompting issuance of show-cause notice.
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