Saturday, March 25, 2023
  • Janam TV Malayalam
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Services
Janam TV English
  • ‌
  • News
    • Kerala
    • India
    • Gulf
    • World
  • Business
  • Defence
  • Tech
  • Science
  • Health
  • Podcast
  • ‌
    • Travel
    • Entertainment
    • Lifestyle
    • Sports
    • Guest Column
    • Auto
No Result
View All Result
  • ‌
  • News
    • Kerala
    • India
    • Gulf
    • World
  • Business
  • Defence
  • Tech
  • Science
  • Health
  • Podcast
  • ‌
    • Travel
    • Entertainment
    • Lifestyle
    • Sports
    • Guest Column
    • Auto
No Result
View All Result
Janam TV English
No Result
View All Result
  • News
  • Business
  • Defence
  • Health
Home News India

ED seizes assets worth over Rs 40 Cr under FEMA

by Janam Web Desk
Jun 22, 2021, 07:52 am IST
in India

Enforcement Directorate (ED) on Monday said that it has seized assets worth Rs 40.34 crore of Avinash Bhosle and his family members, in the form of various assets under Foreign Exchange Management Act 1999 (FEMA) for having foreign securities and properties in contravention of the FEMA laws.

This Act provides seizure of equivalent value, situated in India, of foreign security/immovable properties held outside India.

The officials in probe agency said that the attached assets are in the form of “Equity Shares” and “Preference Shares” held in Classic City Investment Pvt Limited, Pune, which owns three luxurious hotels in five star category, the Hotel Westin at Pune, Hotel Le, Meridian at Nagpur and Hotel W Retreat & Spa at Goa.

“Equity shares held in ABIL (Avinash Bhosle Infrastructure Private Limited) and Bank balance of around Rs. 1.15 Crore lying in various bank Accounts held in the name of Avinash Bhosle and his family members have been seized”, the ED said in a statement today.

The central financial probe agency has initiated the FEMA investigation in September 2017 against Avinash Bhosle and his family members on the basis of the information received that Avinash Bhosle and his family members have acquired the immovable property in Dubai in contravention of FEMA 1999.

Probe agency revealed that, Avinash Bhosle and his family members, acquired foreign securities of a company Rochdale Associates Limited, Dubai, which held immovable property worth of United Arab Emirates Dirham 20,000,000 which was equivalent to Rs 40,34,00,000/ and to acquire the property, Avinash Bhosle and his family members remitted the funds through ‘Liberalised Remittance Scheme’ in their Bank accounts held outside India.

It was declared that company is engaged in Real Estate Business activity, however, investigation revealed that company does not have any business activity and generating no income whatsoever, they further said, adding that further investigation in this case is under progress

Tags: MAINFEATUREDEnforcement DirectorateFEMAClassic City Investment Pvt LimitedAvinash Bhosle
Share18TweetSendShare

Related News

PM pays tributes to martyrs of Pulwama
News

PM pays tributes to martyrs of Pulwama

PM bows to Mahatma Gandhi on his Punya Tithi
News

PM bows to Mahatma Gandhi on his Punya Tithi

Round Table on ‘Reaching Out – India and the SCO’ organize at SCO Film Festival
News

Round Table on ‘Reaching Out – India and the SCO’ organize at SCO Film Festival

Latest News

Ministry of Panchayati Raj organizing one-day deliberation meet on 30th January

Ministry of Panchayati Raj organizing one-day deliberation meet on 30th January

Vice President calls upon youth to practise and follow Fundamental Duties

Vice President calls upon youth to practise and follow Fundamental Duties

Pariksha Pe Charcha 2023: PM interacts with students, teachers and parents

Pariksha Pe Charcha 2023: PM interacts with students, teachers and parents

PM shares interesting repository of mantras and activities on Pariksha Pe Charcha

PM greets citizens on Republic Day

President of India graces the inauguration of 18th National Jamboree of the Bharat Scouts and Guides in Rajasthan

President of India to confer the Pradhan Mantri Rashtriya Bal Puraskar 2023 tomorrow

PM shares interesting repository of mantras and activities on Pariksha Pe Charcha

PM greets people of Meghalaya on their Statehood Day

PM congratulates RRR team on winning Golden Globe Award for Best Original Song ‘Naatu Naatu’

PM lays foundation stone and dedicates various developmental projects in Kodekal, Karnataka

Amit Shah greets NDRF on its 18th Raising Day

Amit Shah greets NDRF on its 18th Raising Day

  • Janam TV Malayalam
  • About Us
  • Contact Us
  • Privacy Policy
  • Terms of Services

© Janam Multimedia Limited

No Result
View All Result
  • ‌
  • News
    • Kerala
    • India
    • Gulf
    • World
  • Business
  • Defence
  • Tech
  • Science
  • Health
  • Podcast
  • ‌
    • Travel
    • Entertainment
    • Lifestyle
    • Sports
    • Guest Column
    • Auto

© Janam Multimedia Limited