PANJIM: The Enforcement Directorate on Thursday seized shares worth Rs 1.19 crore held by promoter of a real estate firm.
Sunil Kumar of M/s Sanatan Financers & Real Estates Pvt Ltd is charged for holding two immovable properties situated at United Kingdom, worth 126000 British Pounds (equivalent to Rs 1,19,32,200), in contravention of Section 4 of Foreign Exchange Management Act, 1999 (FEMA).
“During the search conducted under Prevention of Money Laundering Act (PMLA), 2002 in the Office premises of M/s Sanatan Financers & Real Estates Pvt Ltd, it was revealed that Sunil Kumar had two immovable properties in his name in the UK and the same were acquired and held outside India in contravention of Section 4 of Foreign Exchange Management Act, 1999. Further, he continues to hold the same in UK till date which is in contravention of Section 4 of FEMA, 1999.Therefore, the equivalent value of the properties of Sunil Kumar in India, that is, shares held by him in M/s Sanatan Financers & Real Estates Pvt Ltd, amounting to GBP 1,26,000 British Pounds (equivalent to Rs 1,19,32,200) are seized under Section 37-A of FEMA,” the ED said.
Earlier, Ankit Kumar, son of Sunil Kumar was arrested by the ED and a Provisional Attachment Order, attaching flats and villas totalling to Rs 7.73 crore, was issued against the firm.
A probe against the firm and its promoters was initiated on the basis of FIRs lodged by buyers, including foreigners, with the Goa Police under Sections 120-B (criminal conspiracy) and 420 (cheating) of the Indian Penal Code.
Foreign nationals were allegedly lured to invest in shell firms, set up by Ankit and Sunil, for purchase of flats or villas in the ‘Peace Valley’ project at Quepem. The ownership of those flats or villas was never transferred to foreign nationals by the project promoters.
