ED Seizes ₹3.67 Crore Property In Jabalpur Under The Foreign Exchange Management Act

Bhopal (Madhya Pradesh): The Directorate of Enforcement (ED), Bhopal, has seized an immovable property worth Rs 3.67 crore in Jabalpur under the Foreign Exchange Management Act (FEMA) in connection with alleged violations involving foreign exchange remitted for investment in the United States.

The action was taken following specific inputs from the Income Tax Department, which revealed that Priyank Mehta had remitted foreign exchange amounting to USD 548,000 under the Liberalised Remittance Scheme (LRS) for investment in the EB-5 Visa Programme in the United States.

According to the ED, foreign exchange amounting to USD 502,954 was not utilised for the stated purpose and, instead of being repatriated to India, was transferred directly from the United States to Portugal.

According to the ED, the amount was used to acquire an immovable property in Portugal, while the balance continued to be retained in a bank account in Portugal.

The ED alleged that the acquisition, holding and utilisation of the foreign exchange and assets outside India are in contravention of the provisions of FEMA. Accordingly, the ED has seized the immovable property situated in Jabalpur, equivalent to the value of the foreign exchange allegedly held outside India.