The Enforcement Directorate (ED) has seized two residential flats worth ₹2.83 crore at Borivali of Bhupesh Agarwal and his wife under the provisions of Foreign Exchange Management Act (FEMA) for Illegal remittance to UAE.
The ED, Mumbai zonal office had initiated investigations into payments remitted outside India by Bhupesh Agarwal for non existent services availed for his media companies.
“The input received was verified and searches conducted at the premises of Bhupesh Agarwal and his linked entities,” said ED in statement.
The husband-wife duo used several dummy entities for remitting funds to Dubai based companies without availing any services as declared to Authorised Dealer (AD) bank.
ED names Bhupesh Agarwal as key accused
They had floated three media companies M/s Lunarart Media Entertainment Pvt. Ltd., M/s Cineblossom Films & Productions Pvt. Ltd. and M/s Rocster Entertainment LLP controlled by Bhupesh Agarwal remitted approx. ₹52.83 Crore to Dubai based entities under the pretext of availing audio-video services.
ED has alleged that during investigation, the directors of the three dummy companies along with the Chartered Accountant and Company Secretary who had incorporated the companies had admitted to have formed them on instructions of Bhupesh Agarwal. The ED probe revealed that all the payments remitted outside India were arranged by Bhupesh Agarwal in contravention of foreign exchange laws.