New Delhi: The ED on Wednesday said its headquarter investigation unit has conducted searches across the national capital based on “intelligence inputs” indicating some high networth individuals (HNIs), while being residents in India, had invested through hawala channels in acquiring properties in Dubai. In two such cases, the agency has seized equivalent assets of the accused in India worth over Rs 28 crore.The anti-money laundering agency has claimed that during the investigation, it was found that accused Kapil Aggarwal and Sangeeta Aggarwal, both staying in India, jointly held 10 properties in Dubai for AED 1,94,03,975, (nearly Rs 34.1 crore) without any corresponding outward remittance from India through authorised banking channels.
“They also failed to furnish any documentary evidence regarding the source of overseas funds used for acquisition of the said properties, as well as any approval from the Reserve Bank of India (RBI) for acquisition of foreign assets abroad.The searches resulted in the recovery of incriminating documents and information relating to undisclosed foreign assets acquired in contravention of the provisions of FEMA, ED said.“As the foreign immovable properties were located outside India and could not be seized directly, the competent authority, in exercise of powers conferred under Section 37A of the FEMA, ordered seizure of immovable properties in India, attached as properties equivalent in value to the foreign assets acquired and held abroad in contravention of the provisions of FEMA,” the agency said.Seizure orders were issued for five properties of the duo, valued at nearly Rs 17.8 crore, and for three properties in respect of S Bhattacharya of NEC Energy Pvt Ltd valued at approximately Rs 10 crore.“Investigation revealed that S Bhattacharya, a person resident in India, had acquired two immovable properties valued at AED 40,07,319 (Rs 9.8 crore approximately), without any corresponding outward remittance from India through authorised banking channels,” ED said, adding that he failed to give evidence on the source of funds.
