Income Tax officials conducts searches at DMK MP S Jagathrakshakan in Chennai

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The Income Tax Department on Thursday initiated searches at over 40 premises of DMK MP S Jagathrakshakan in Chennai.

According to PTI, the searches are being conducted at multiple locations including some educational institutions.

Jagathrakshakan represents Arakkonam in the Lok Sabha. He was also a member of the Manmohan Singh Cabinet during the UPA-II government and held important portfolios including those of I&B renewable energy and commerce & industry.

In 2020, the Enforcement Directorate seized properties worth more than Rs 89 crore for alleged violations of the Foreign Exchange Management Act (FEMA).

The agency had accused Jagathrakshakan and his son Sundeep Aanand of buying 90 lakh shares of a Singapore-based company called Silver Park International Pte Ltd in 2017.

“The ED has issued seizure order under FEMA seizing properties held by S Jagathrakshakan, Member of Parliament, and his family members to the tune of Rs 89.19 crores, equivalent to the value of the illegally acquired, held and transferred foreign security in a Singapore-based company,” ED said in a statement at the time.

“Further, these unauthorised acquired shares were transferred by Jagathrakshakan to his family members in contravention of FEMA rules,” it added.



from Firstpost India Latest News https://ift.tt/0G2yEH7
FP Staff

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