New Delhi, July 1 (IANS) The Enforcement Directorate (ED) on Wednesday said that it has attached the properties to the tune of Rs 2 crore of Sukhwinder Singh Lally of Punjab's Jalandhar in a FEMA case.
The ED in a statement said, it has seized the residential premises of Lally worth Rs 2 crore in Jalandhar having equivalent value to the illegally held undeclared assets abroad in contravention of Section 4 of the Foreign Exchange Management Act (FEMA).
The ED said, specific inputs and discreet enquiries indicated involvement of Lally in illegal dealings in foreign exchange. It said that a search was conducted at his premises on December 6 last year, during which certain incriminating documents were seized which reflected about illegal acquisition of property by Lally in Canada's Ontario for about Candian $3,60,000.
The ED said that during investigation under FEMA it was also revealed that the money required for purchase of the house was illegally transferred by Lally through non-banking channel from India and part of the payment was also arranged through his friend in Canada without adhering to the due procedures laid down under the FEMA and prescribed by the Reserve Bank of India.
The ED said that it was also found that Lally maintained undeclared bank accounts in Canada and he received Rs 16.5 lakh from a person in New Zealand in an unauthorized manner. He has also arranged funds for his relative in Canada to the tune of Canadian $4,500 in an unauthorized manner in violation of provisions of FEMA.