ED seizes Mangaluru businessman's property

Iqbal Ahmed, a resident of Mangaluru, who's the Managing Director of Iqbal Ahmed Infra Projects Pvt Ltd and Sharief Marine Products Pvt Ltd, had acquired immovable property outside India, worth Rs 8.3 crore, says an Enforcement Directorate official.

Mangaluru: The Enforcement Directorate (ED) on Thursday said it has attached property woth Rs 8.3 crore belonging to a person named Iqbal Ahmed for acquiring immovable property in the United Arab Emirates (UAE) in violation of the Foreign Exchange Management Act (FEMA).

"Based on the information received by the ED that Ahmed, a resident of Mangaluru, who's the Managing Director of Iqbal Ahmed Infra Projects Pvt Ltd and Sharief Marine Products Pvt Ltd, had acquired immovable property outside India by violating the provisions of FEMA, said an ED official.

The official said during the course of investigation, it was found that Ahmed had acquired immovable property in the UAE worth Rs 8.3 crore. This was in clear violation of Section 4 of FEMA. "We took up the matter for detailed investigation and action was taken based on the investigation's outcome," the official added.

"As per the rules, if any foreign exchange, foreign security or immovable property, situated outside India, is suspected to have been held in contravention of Section 4 of FEMA, then the ED is empowered to seize value equivalent within India, of such foreign exchange, foreign security or immovable property," the official said.

Accordingly, immovable property in the form of a residential house situated in Attavara, Mangaluru, worth Rs 8.3 crore was seized by the ED under Section 37A of FEMA.

(with Agency inputs)