Mumbai News: ED Seizes Horticulture Firm's 6 Assets In Maharashtra, Karnataka

Mumbai: The Enforcement Directorate (ED) has seized six immovable properties in Maharashtra and Karnataka worth Rs 24.64 crore, belonging to Pune-based M/s Venkateshwara Hatcheries Pvt Ltd (VHPL) under the Foreign Exchange Management Act, 1999. Last month, the ED had seized nine immovable properties worth Rs 65.53 crore of the same company.

The ED initiated investigation in connection with the illegal remittances made by the company from 2010 till date to its Wholly Owned Subsidiary named M/s Venky’s London Limited (VLL), Cardiff, UK.

ED investigation revealed that VHPL declared the business of VLL to RBI as recreational in the form of running a football club named Blackburn Rovers Football Club PLC (BRFC). VHPL then remitted huge funds in the guise of equity infusion. Apart from the initial investment, the company kept on infusing money in the form of equity contribution for day-to-day maintenance.