New Delhi: The Enforcement Directorate (ED) on Thursday said that it has seized shares worth Rs 1.19 crore of Goa-based businessman Sunil Kumar held in the name of Sanatan Financers and Real Estates Pvt Ltd for holding two immovable properties in the UK and cheating foreign nationals in a money laundering case.
The ED in a statement said that it seized shares worth Rs 1.19 crore under the Foreign Exchange Management Act (FEMA) held by Kumar in Sanatan Financers and Real Estates Pvt Ltd.
The ED said that Kumar was holding two immovable properties in the UK worth 1,26,000 British pounds in contravention of FEMA.
It said that the seizure order under FEMA was issued on the basis of recovery of documents during search under the Prevention of Money (Laundering) Act (PMLA) in the office premises of Sanatan Financers and Real Estates Pvt Ltd. on January 3 this year.
It said that during investigation it was revealed that Kumar was illegally holding two immovable properties in his name in the UK and the same were acquired and held in violation of FEMA.
“Accordingly, the equivalent value of the properties of Kumar in India, i.e., shares held by him in Sanatan Financers and Real Estates Pvt Ltd amounting to Rs 1.19 crore, has been seized under FEMA,” the ED said.
The ED registered a case on the basis of a Goa Police FIR against the real estate firm, Ankit Kumar and Sunil Kumar on the complaints lodged by foreign nationals.
The two accused illegally collected funds from the complainants on the pretext of selling flats and villas in a project named “Peace Valley” through the foreign direct investment (FDI) route in the accounts of their different shell companies, including Sanatan Financers and Real Estates Pvt Ltd.
The ED had earlier said that, the ownership of these flats and villas was never transferred to the foreign nationals.
In this manner, from 2006 to 2011, the accused collected Rs 7.73 crore by duping the foreign nationals and acquired 16 villas and 56 flats in Goa.
The ED in May this year had attached 56 flats, 16 villas and crores of rupees in the bank account of the real estate firm.
The ED had in second week of March arrested Goa-based company CEO and former director Ankit Kumar under the PMLA on charge of laundering money by cheating foreigners on the pretext of selling them real estate in the beach state.
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