New Delhi: Enforcement Directorate (ED) has seized assets of Director of Dabur India Ltd Pradip Burman, for holding assets abroad worth Rs 20.87 crores, under Section 37A (1) of Foreign Exchange Management Act (FEMA), an official release said here on Tuesday.
The probe agency move comes in connection with the pursuant to investigation which revealed that Burman has deposited US Dollar 32,12,000 in his account with Hong Kong and Sanghai Banking Corporation (HSBC) Zurich.
He had declared before Income Tax Authority that he had earned the above said amount and had not shown this amount of his earning in his Income Tax Returns filed in India for the period 2007-08. After investigation, Income Tax Authorities filed a prosecution complaint against Pradip Burman in the Court of Metropolitan Magistrate which is pending trial.
The investigation conducted so far has also revealed that he had deposited USD 32, 12,000 with HSBC, Zurich and holding the same in contravention of Section 4 of FEMA and failed to repatriate the entire amount to India till date.
"Following the investigations under the provisions of FEMA against Pradip Burman, a seizure order under Section 37 A(1) of the Act has now been issued in respect of movable assets, identified in India to the tune of Rs. 20,87,80,000 held by him, are seized", the agency said. (UNI)