Delhi: ED seizes assets worth Rs 10.28 Crores from Emaar MGF MD Shravan Gupta

New Delhi, (India), Dec 15 (ANI): The Enforcement Directorate (ED) on Saturday seized assets worth Rs 10.28 crores from Emaar MGF Managing Director Shravan Gupta under Section 37A (1) of Foreign Exchange Management.
"The assets were seized under Section 37A (1) of Foreign Exchange Management Act (FEMA), 1999 from brothers Shravan Gupta and Rajiv Gupta for holding US $ 15,40,650 in the bank account maintained with Hong Kong and Shanghai Banking Corporation (HSBC), Switzerland," ED said.
According to ED, the seizure order was issued in respect of immovable assets (agriculture land), after the investigation which revealed that Shravan Gupta, the Managing Director of Emaar MGF, had foreign exchange held to the tune of US $ 15,40,650 in his bank account in HSBC in contravention of provisions of Section 4 of FEMA, 1999 read with Regulations 3 of FEMA (Foreign Currency Accounts by a person Resident of India) Regulations 2000.
The petition under section 37 A (2) was filed before competent authority with an appeal to confirm the seizure order.
As per ED, Shravan Gupta had not shown this amount in the Income Tax (I-T) returns filed in India for the period of 2006-07. However, he had declared this amount in 2011-12 and paid appropriate taxes.
After investigation I-T authorities filed a prosecution complaint against Shravan Gupta in the Court of Ld. ACMM and Tis Hazari Court in Delhi, which is still pending. (ANI)