Under the terms of the Foreign Exchange Management Act (FEMA), 1999, the Indian AML watchdog Directorate of Enforcement (ED) has taken possession of the immovable property in the shape of two residential homes and one industrial land located in Mangaluru, with a market value of Rs. 17.34 crore.
The Foreign Exchange Management Act of 1999’s provisions were violated in the acquisition of immovable property, business entities, and forex transactions by K. Mohammed Haris of Mukka Group of Companies, a resident of Mangaluru, according to information the ED received. The matter was then taken up for a thorough investigation. It was discovered during a FEMA investigation that K. Mohammed Haris had purchased a home in Ajman, United Arab Emirates, held foreign bank accounts, and had investments or ownership stakes in a foreign business entity there, all of which were in violation of Section 4 of the Foreign Exchange Management Act of 1999. These actions totalled AED 92,69,025.78 (roughly Rs. 17,34,80,746).
The Directorate of Enforcement is authorised to seize the value equivalent of any foreign exchange, foreign security, or immovable property located outside of India that is suspected of having been held in violation of Section 4 of the FEMA, in accordance with the provisions of Section 37A of the FEMA.
