Goa businessman’s shares worth Rs 1.19 cr seized by ED under FEMA


Panaji: Enforcement Directorate (ED) in Goa has seized shares amounting to over Rs 1.19 crore belonging to Sunil Kumar of Sanatan Financers and Real Estates. The ED has seized the shares of Sunil Kumar for illegally holding assets abroad.

The action was initiated under the Foreign Exchange Management Act (FEMA).

According to the ED, Kumar is holding two immovable properties situated in United Kingdom and worth 1,26,000 British Pounds (equivalent to Rs 1,19,32,200) in contravention of Section 4 of the Foreign Exchange Management Act, 1999.

The ED has seized the assets under the provisions of FEMA based on recovery of documents during a search operation, conducted under the provisions of Prevention of Money Laundering Act (PMLA), against Sanatan Financers and Real Estates, Ankit Kumar and Sunil Kumar. During the search conducted under PMLA at the office premises of the firm in January this year, it was revealed that Sunil Kumar had two immovable properties in his name in UK and the same were acquired and held outside India in contravention of FEMA. The ED said that further, he continues to hold the same in UK till date which is in contravention of FEMA.

Therefore, the equivalent value of the properties of Sunil Kumar in India i.e. shares held by him in Sanatan Financers and Real Estates amounting to 1,26,000 British Pounds (equivalent to Rs 1,19,32,200) have been seized, said ED.

It may be noted that earlier, in connection with Prevention of Money Laundering Act, Ankit Kumar, son of Sunil Kumar, was arrested by the ED and a provisional attachment order, attaching flats and villas in Sirvoi, Quepem totalling to Rs 7.73 crore, had been issued against Sanatan Financers and Real Estates and its directors for cheating foreign nationals, said ED.