New Delhi : The Enforcement Directorate (ED) on Friday said it has seized assets worth Rs 48.87 crore, under the FEMA law, of an Ahmedabad-based company in connection with its probe in the ‘Panama Papers’ case. The central probe agency identified the firm as Ms. Sintex Industries Limited and said it is linked to Amit Patel and Rahul Patel, whose names “had figured in the Panama Papers case with respect to their stakes/interests” in an overseas company called Ms. Amarange Inc, located in the British Virgin Islands (BVI).
The Enforcement D said its probe found that the accounts of the Ahmedabad firm, through its subsidiary in the BVI, was used to purchase an immovable property in Singapore in alleged contravention of forex laws and hence action was taken against them. The firm, it alleged, also violated other provisions of the FEMA.
“Sintex Industries Limited, Ahmedabad, contravened the provisions of section 4 of FEMA, 1999 and a total amount of USD 3 million and SGD (Singapore Dollar) 62,50,000 (equivalent to Rs 48,87,22,500) is still being held outside India as a result of the said transfers,” the agency said in a statement. Hence the firm’s equivalent assets in India were seized under section 37A of the FEMA law, it added.
