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Reetu | Jul 13, 2022 | Views 15939

Enforcement Directorate Seized Immovable Properties worth Rs.17.34 Crore of K. Mohammed Haris

Enforcement Directorate Seized Immovable Properties worth Rs.17.34 Crore of K. Mohammed Haris

The Directorate of Enforcement (ED) has seized immovable properties in the form of two residential houses and one industrial plot situated at Mangaluru, having market value of Rs. 17.34 Crore held in the name of K. Mohammed Haris under Foreign Exchange Management Act (FEMA), 1999

The matter was taken up for a thorough investigation based on information that the ED had received that K. Mohammed Haris of Mukka Group of Companies, a resident of Mangaluru, had acquired real estate, business entities, and forex transactions outside of India by breaking the terms of the Foreign Exchange Management Act, 1999. During the course of the FEMA investigation, it came to light that K. Mohammed Haris had purchased a home in Ajman, United Arab Emirates, held foreign bank accounts, and had investments/shareholdings in foreign business entities in the UAE, all of which were in contravention of Section 4 of the Foreign Exchange Management Act of 1999. The total value of these transactions was AED 92,69,025.78 (roughly Rs. 17,34,80,746).

In accordance with the provisions of Section 37A of the FEMA, the Directorate of Enforcement is authorised to seize the value equivalent of any foreign currency, foreign security, or immovable property that is located outside of India and is suspected of having been held in violation of Section 4 of the FEMA.

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