ED seizes shares worth Rs 1.19 Cr of Goa based real estate firm

New Delhi, Oct 29 (UNI) Enforcement Directorate (ED) on Thursday said that it has seized shares worth Rs 1.19 crore under section 37 A of Foreign Exchange Management Act, 1999 (FEMA) held by Sunil Kumar in Sanatan Financers & Real Estates Pvt Ltd for holding two immovable properties in UK which is in contravention of Section 4 of FEMA.

The attached properties are two flats located at St Lukes Court in Northwood area of United Kingdom.

The seizure order of the assets under the provisions of FEMA was issued on the basis of recovery of documents during search under Prevention of Money Laundering Act, 2002 (PMLA) in the office premises of Sanatan Financers & Real Estates Pvt Ltd on January 3 this year which revealed that Sunil Kumar has been illegally holding two immovable properties in his name in UK which were acquired and held outside India in contravention of Section 4 of FEMA.

Sunil Kumar is father of arrested CEO of the said company Ankit Jain who was arrested by the probe agency for duping the foreigners by offering them property in Goa.

“Accordingly the equivalent value of the properties of Sunil Kumar in India that is his share in Sanatan Financers & Real Estates Pvt Ltd worth of Rs 1.19 crores are seized, the agency officials said.

The case is being investigated by ED on the basis of Goa Police FIR against Sanatan Financers & Real Estates Pvt Ltd for cheating foreign national by illegally collecting funds from them in the guise of selling property.
Earlier, a Provisional Attachment Order was issued by the agency for the attachment of 56 flats and 16 villas in Goa of worth Rs 7.73 crores of Sanatan Financers & Real Estates Pvt Ltd and its directors under the provisions of PMLA.

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