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The Enforcement Directorate (ED) has made a significant move in its ongoing efforts to curb financial irregularities and enforce compliance with foreign exchange regulations. In a recent development, the ED has seized 9 immovable properties valued at a staggering INR 65.53 Crore. These properties are spread across the states of Maharashtra and Karnataka and are linked to M/s Venkateshwara Hatcheries Pvt Ltd (M/s VHPL). This action has been taken under the provisions of the Foreign Exchange Management Act (FEMA), 1999.
The seizure of these substantial assets underscores the ED’s commitment to investigating and prosecuting cases related to foreign exchange violations and money laundering. The FEMA, 1999, empowers the ED to take action against individuals and entities found to be in contravention of foreign exchange regulations, including the acquisition and holding of foreign exchange, foreign security, and immovable properties situated outside India.
“M/s Venkateshwara Hatcheries Pvt Ltd (M/s VHPL) is a prominent player in the poultry industry in India. The seizure of their assets sends a clear message that financial wrongdoing and non-compliance with foreign exchange regulations will not be tolerated, regardless of the entity’s stature or industry”.
The Enforcement Directorate’s actions are part of its broader mission to combat economic offenses, protect the nation’s financial interests, and ensure adherence to the rule of law. In this case, the seizure of properties valued at INR 65.53 Crore serves as a substantial step in this direction.
It is important to note that the ED’s investigations and actions are undertaken with due process, and individuals or entities under investigation have the opportunity to present their side of the story and clarify any potential misunderstandings or discrepancies.
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