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Ponmudi’s son Gautham Sigamani made investments overseas ‘without RBI permission’
The Enforcement Directorate (ED) has seized assets worth ₹8.6 crore, held by Kallakurichi DMK MP Gautham Sigamani, equal to the worth of “illegally” acquired overseas safety and alleged non-repatriated overseas alternate earned overseas until date. Mr. Sigamani is the son of former Minister and DMK chief {K}. Ponmudi.
The ED stated it took up the probe primarily based on data that Mr. Sigamani had illegally acquired overseas safety with out the Reserve Bank of India’s approval, in violation of Section 4 of the Foreign Exchange Management Act (FEMA).
The investigation “revealed that in March 2008, Gautham Sigamani, being a person resident in India, made overseas investment of $1,00,000 (₹41,57,225) in acquiring 2,45,000 shares of PT Excel Megindo, Jakarta, and $55,000 (₹22,86,924) in Universal Business Ventures, UAE”. The company alleged that the investments have been made with out the RBI’s permission.
Profits stored overseas
It has additionally been alleged that Mr. Sigamani had did not repatriate income of over ₹7.05 crore earned by him from Universal Business Ventures from 2008-09 to 2012-13. He allegedly held them overseas until date in contravention of Section 4, learn with Section 8, of the FEMA.
According to the ED, Mr. Sigamani didn’t repatriate the steadiness quantity mendacity within the checking account of Universal Business Ventures to the tune of 6,04,783 dirhams, equal to over ₹90 lakh, as on December 31, 2012.
Therefore, beneath Section 37A of the FEMA, the ED has seized immovable properties within the type of agricultural lands, industrial and residential buildings in Tamil Nadu and movable properties within the type of financial institution balances and shares.
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