The Enforcement Directorate (ED) has seized assets worth Rs 40.34 crore belonging to Avinash Bhosle Infrastructure Private Ltd. promoter Avinash Bhosle and his family members in the form of various assets under Foreign Exchange Management Act 1999 (FEMA).
“These properties have been seized as equivalent value of foreign securities / properties held by Avinash Bhosle and his family members in contravention of FEMA which provides for seizure of equivalent value, situated in India, of foreign security / immovable properties held outside India,” the ED said in a statement.