The Enforcement Directorate on Friday issued seizure order under Foreign Exchange Management Act seizing properties held by DMK MP Gautham Sigamani to the tune of Rs 8.60 crore.
The seized properties are equivalent to the value of the illegally acquired foreign security and non-repatriation of foreign exchange earned abroad till date in contravention of Section 4 of FEMA, the ED said in a statement.
The ED probe revealed that in March 2008 Sigamani, being a Person Resident in India, made overseas investment of USD 1,00,000 (Rs 41,57,225) in acquiring 2,45,000 shares of PT Excel Megindo, Jakarta and USD 55,000 (Rs 22,86,924) in Universal Business Ventures, UAE without RBI approval and thereby contravened the provisions of Section 4 of FEMA for the said acquisition of foreign security, it said.
Further, Sigamaniv failed to repatriate profits amounting to Rs 7,05,57,237 earned by him from Universal Business Ventures, UAE for the period from Financial Year 2008-09 to 2012-13 and continued to hold the same abroad till date in contravention of FEMA, according to the ED.