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The Enforcement Directorate (ED) seized assets worth Rs 293.91 crore of Nesamanimaran Muthu alias MGM Maran, former chairman of Tamilnadu Mercantile Bank Limited on Tuesday.The federal agency seized the property under the provisions of the Foreign Exchange Management Act (FEMA), 1999. The seized assets are in the form of shareholdings in four Indian Companies-- Southern Agrifurane Industries Private Limited; Anand Transport Private Limited; MGM Entertainment Private Limited and MGM Diamond Beach Resorts Private Limited.ED said that Muthu incorporated two companies in Singapore during Financial Year 2005-06 and 2006-07 and invested SGD 5,29,86,250 equivalent to Indian Rs 293.91 crore."This investment was made without taking approval from Reserve Bank of India (RBI). Further, the source of such a huge investment abroad was not disclosed to the Indian Regulators," said the ED."The provisions of section 37A (1) empower the Enforcement Directorate to seize Indian Asset of a person who has acquired Assets in a foreign country or made Investment outside India without the approval of RBI while he was a person Resident in India," the agency said.Since the amount of foreign investment was SGD 5,29,86,250, the ED said the assets of the equivalent value thereof of Rs 293.91 crore has been seized.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Mgm maran, Latest News

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