ED raids real estate company in Jammu
The Enforcement Directorate on Monday carried out searches at six places and seized fixed deposits and sovereign gold bonds worth over Rs 25 crore in connection with a foreign exchange violation case against a real estate firm, a spokesman said. According to the spokesman, the searches included residential and commercial premises in Jammu belonging to Rajesh Rathore and Mohd. Ashraf Sheikh and their companies in the case related to illegal acquisition of land by a non-resident Indian (NRI). During the searches, fixed deposit receipts of Rs 25 crore and sovereign gold bonds of Rs 16 lakh were seized, the spokesman said in a statement. As per prevailing guidelines under the Foreign Exchange Management Act (FEMA), an NRI cannot purchase sovereign gold bonds, whereas these seized gold bonds were purchased by the NRI by posing himself as a resident of India. The searches also led to seizure of documents relating to investments in crypto currencies and foreign investments of around Rs 2.5 crore in Dubai by Sheikh, a property dealer and commission agent.
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