The Enforcement Directorate (ED) has seized three immovable properties located at Ceejay House, Worli, Mumbai worth Rs 41.64 crore for forex violation in its investigation against Zavareh Soli Poonawalla and his family members.
The ED is investigating a case of misuse of the Liberalized Remittance Scheme (LRS) under the provisions of the Foreign Exchange Management Act against Zavareh Soli Poonawalla and his family.
His name was found in the Panama Papers revelations regarding off-shore entities.
“ED investigation revealed Zavareh Soli Poonawalla and his family members had remitted foreign exchange abroad by mis-utilizing the provisions of LRS scheme. They used the maximum permissible limit and from the year 2011-12, they remitted money abroad via mis-declarations under the pretext of 'family maintenance and self-maintenance' etc, however none of their family members was residing abroad or holding NRI status,” the ED said in a statement.
The entire funds remitted by Poonawalla and his family members under LRS were invested into StallastLimited based in BVI. The funds remitted by Poonawalla and his family members were utilized by Stallast Limited to purchase four properties in the UK, the ED said.