ED seizes Rs 17.34 Cr Mangaluru properties of Mohammed Haris of Mukka Group

Team Udayavani, Jul 13, 2022, 9:04 AM IST

New Delhi / Bengaluru: Enforcement Directorate (ED) seized three immovable properties in Mangaluru owned by K Mohammed Haris of Mukka Group of Companies.

News agency ANI quoted ED saying that the properties worth Rs 17.34 crores situated in Mangaluru were confiscated under the provision of the Foreign Exchange Management Act (FEMA). Two residential houses and one industrial plot were seized.

Based on the information received by the ED that Haris, a resident of Mangaluru, had acquired immovable property, and business entities and made Forex transactions outside India by violating the provisions of the Foreign Exchange Management Act, 1999. The matter was taken up for detailed investigation, said the agency.

During the course of an investigation under the provisions of FEMA, the ED said, it has transpired that Haris had acquired a flat in Ajman, United Arab Emirates (UAE), held foreign bank accounts and investments and shareholdings in a foreign business entity in the UAE, totally valued at AED 92,69,025.78 (equivalent to Rs 17,34,80,746), in violation of the provisions of Section 4 of Foreign Exchange Management Act, 1999.

As per provisions under Section 37A of FEMA, the ED said, if any foreign exchange, foreign security or immovable property, situated outside India, is suspected to have been held in contravention of Section 4 of FEMA, then the Directorate of Enforcement is empowered to seize value equivalent within India, of such foreign exchange, foreign security or immovable property.

(With ANI inputs)