Tuesday, October 19, 2021
HomeCity NewsED imposes Rs. 1.83 cr penalty on Pune-based builder

ED imposes Rs. 1.83 cr penalty on Pune-based builder

Enforcement Directorate imposed a penalty of Rs. 1.83 crore on a Pune-based construction magnate for alleged Foreign Exchange Management Act (FEMA) violation.

“Special Director of ED (the adjudicating authority) today imposed a penalty of Rs. 1.83 crore on the magnate for FEMA contravention,” said an ED official.

A case was registered against him in May 2007 after the builder was intercepted by customs officials and USD 4 lakh was recovered from his possession as he was returning from London.

Further, according to ED, the owner of the firm advanced a loan of USD 1.70 lakh to a man named Ali Asgar in January 2008 and he reportedly also admitted to having deposited USD 1.48 lakh to clear his overseas credit card dues.

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