Dabur ED seizes assets worth Rs 21 crore from Pradip Burman

Dabur ED seizes assets worth Rs 21 crore from Pradip Burman

Media reported seizure of assets worth Rs 21 crore from Pradip Burman, Director of the firm.

ANI reported that the Enforcement Directorate seized assets worth the amount in lieu of assets held abroad under Section 37A of Foreign Exchange Management Act, 1999 (FEMA).

“The seizure order has been issued pursuant to investigation which revealed that prima-facie Burman deposited USD 32,12,000 in his account with HSBC, Zurich. He had declared before Income Tax Authority that he had earned USD 32,12,000 and had not shown this amount of his earning in his income tax returns filed in India for 2007-08,” according to the investigating agency.

The investigation conducted so far has also revealed that Burman had deposit USD 32,12,000 with HSBC, Zurich and holding the same in contravention of Section 4 of FEMA, 1999 and failed to repatriate the entire amount to India till date, ED further added.

Reality views by sm -

Tuesday, May 22, 2018

Tags – Daubur Pradip Burman ED Fema Black Money