DMK chief S Jagathrakshagan owns a series of faculties and hospitals
Chennai:
5-time DMK MP and former Union Minister S Jagathrakshagan faces a Rs 908 crore penalty in a case of violation of international trade guidelines. The Enforcement Directorate (ED) has mentioned that following an investigation in opposition to Mr Jagathrakshagan, properties value Rs 89 crore have been seized and a penalty of Rs 908 crore levied.
The 76-year-old DMK chief is an MP from Arakkonam in Tamil Nadu and owns a series of faculties and hospitals.
“ED, Chennai had performed an investigation underneath FEMA (Overseas Trade Administration Act) in opposition to Jagathrakshakan, a businessman from Tamil Nadu and Member of Parliament, his relations and a associated Indian entity.
The properties value Rs 89.19 Crore which have been seized when it comes to Part 37A of FEMA have been additionally ordered for confiscation, and a penalty of Rs.908 Crore (approx.) is levied vide Adjudication Order handed on 26/08/2024,” the central company has mentioned in a submit on X.
The ED has mentioned previously that Mr Jagathrakshagan and his son Sundeep Aanand had subscribed to 70,00,000 shares and 20,00,000 shares, respectively, of M/s. Silver Park Worldwide Pte. Ltd., Singapore “with out acquiring the approval of the Reserve Financial institution of India”.
A search at his premises had discovered Rs 20 crore unaccounted money, together with Rs 5 crore from one among his properties.
Ordering the seizure of properties value Rs 89.19 crore, the central company had mentioned this was equal to the worth of “illegally acquired, held and transferred international safety in a Singapore-based firm in contravention of the FEMA”.
The illegally acquired shares, the ED mentioned, have been transferred by S Jagathrakshakan to his relations in violation of the FEMA.
In accordance with Part 37A of FEMA, if any international trade, international safety or any immovable property located exterior India is suspected to have been held in contravention of Part 4 of the FEMA, the Enforcement Directorate is empowered to grab worth equal, located inside India, of such international trade, international safety or immovable property.
The previous minister and the ruling DMK are but to reply.
