The ED in an official statement said it has seized Rs 7 crore lying in various bank accounts in India related to A.K. Mehra, Deepak Mehra, Shailini Mehra and Naveen Mehra of Mehrasons Jewellers of Delhi, which was its first seizure under Section 37 A of the Foreign Exchange Management Act, 1999.
The ED investigation revealed that huge amounts were sent out of India by the four accused by mis-utilizing the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India in the garb of making investments abroad.
"The amount remitted outside India was given as interest-free loan in individual capacity by the said persons to two companies in the Bahamas and British Virgin Islands and later, transferred to a company in the United Arab Emirates, which is owned by one of said persons," the agency said.
The agency also claimed that around Rs 10.54 crore was still illegally parked outside India by the said persons.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
Doraiah Chowdary Vundavally is a Software engineer at VTech . He is the news editor of SocialNews.XYZ and Freelance writer-contributes Telugu and English Columns on Films, Politics, and Gossips. He is the primary contributor for South Cinema Section of SocialNews.XYZ. His mission is to help to develop SocialNews.XYZ into a News website that has no bias or judgement towards any.
This website uses cookies.