Applying FEMA, the Enforcement Directorate (ED) on Tuesday seized assets belonging to Pradip Burman on the charge of holding assets abroad.
"The seizure order of some bonds of Pradip Burman under Section 37A of FEMA is unmerited and unlawful. It is based on suspicion and conjectures without there being lawful evidence or material justifying the same," a Burman Family Office statement said.
"This order is being contested by us and we are confident that we will get justice and relief under law from authorities/courts."
According to ED officials, the seizure order has been issued pursuant to an investigation which prima facie revealed that Burman had deposited $3.21 million in his account with the Hong Kong and Shanghai Banking Corporation (HSBC) in Zurich.
Burman had declared before the Income Tax (I-T) Department that he had earned the amount but had not shown it in the tax returns, filed in India for the period 2007-08.
After the investigation, the I-T Department filed a prosecution complaint against him in the court of metropolitan magistrate which is pending trial.
(This story has not been edited by Social News XYZ staff and is auto-generated from a syndicated feed.)
