ED Seizes Mangaluru businessman's Immovable Property Worth Rs. 8.3 Crore

ED Seizes Mangaluru businessman's Immovable Property Worth Rs. 8.3 Crore  Under the Foreign Exchange Management Act (FEMA), 1999, the Enforcement Directorate (ED) seized immovable property in the shape of a residential residence in Attavara, Mangaluru, valued at Rs.8.3 crore, held by Iqbal Ahmed. The matter was taken up for detailed investigation after ED received information that Iqbal Ahmed, Managing Director of M/s Iqbal Ahmed Infra Projects Private Limited and M/s Sharief Marine Products Pvt Ltd, and a Mangaluru resident had acquired immovable property outside India by violating the provisions of the Foreign Exchange Management Act, 1999. During an investigation conducted under the terms of FEMA, it was discovered that Iqbal Ahmed had acquired immovable properties in Dubai, UAE, valued at 53.09 lakh UAE dirhams (equal to Rs.8.3 crore), in contravention of Section 4 of the Foreign Exchange Management Act, 1999. If any foreign exchange, foreign security, or immovable property located outside India is suspected of being held in violation of Section 4 of FEMA, the Directorate of Enforcement has the authority to seize the value equivalent within India of such foreign exchange, foreign security, or immovable property. As a result, the ED has seized immovable property in the shape of a residential residence in Attavara, Mangaluru, valued at Rs.8.3 crore and held by Iqbal Ahmed under Section 37A of the FEMA, 1999.