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Time of India
7 days ago
- Business
- Time of India
Bengaluru realtor, family face Fema violation case
Bengaluru: The Directorate of Enforcement (ED), Bengaluru zonal office, filed a complaint under Foreign Exchange Management Act, 1999, against Errol Fernandes, promoter of Ferns Estates and Developers, and his family members for alleged foreign exchange violations amounting to over Rs 20.5 crore. 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. You Can Also Check: Bengaluru AQI | Weather in Bengaluru | Bank Holidays in Bengaluru | Public Holidays in Bengaluru 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.
The Hindu
7 days ago
- Business
- The Hindu
ED register case against real estate company under FEMA
The Directorate of Enforcement (ED) on Wednesday registered a complaint against Errol Fernandes, promoter of realty firm Ferns Estates and Developers, and his family members under the Foreign Exchange Management Act, 1999 (FEMA) for contravention to the tune of ₹20.5 crore and issued show-cause notices. According to the official release, the enquiries in the matter were initiated on the basis of credible information that Errol Fernandes had made significant contraventions of provisions of FEMA, 1999 during the period from 2017 to 2024. ED investigation revealed that Mr. Fernandes and his family members sent remittances to the tune of ₹ 20.5 crore abroad, ED said. Investigation revealed that ₹3.6 crore was remitted by Errol Fernandes and his family members for investment under the Liberalised Remittance Scheme(LRS). However, on redemption of the investment, the amount was kept in the accounts abroad and remitted back to India after a long delay, ED said. Further, investigation revealed that ₹16.8 crore was remitted by them for family maintenance under LRS, however, investigation revealed that no family members and relatives were residing abroad during that period and the money taken outside India for family maintenance was also used for investment outside India. This money also, on redemption of the investment, was kept in the accounts abroad and remitted back to India after a long delay, ED claimed.
