Under section 37A of the Foreign Exchange Management Act of 1999, the Directorate of Enforcement (ED), Kolkata, has seized movable and immovable property totalling Rs. 177.8 Crore belonging to M/s. Shree Ganesh Jewellery House (I) Ltd. and its directors and promoters.
The directors of M/s Shree Ganesh Jewellery House (I) Ltd and the associated businesses they controlled shipped jewellery to M/s Al Marhaba Trading FZE, UAE, M/s Sparkle Jewellery LLC, UAE, and M/s Astha Jewellery LLC, UAE. In violation of the rules of FEMA, 1999, M/s. Shree Ganesh Jewellery House (I) Ltd. and its Directors and Promoters parked the export revenues totalling Rs. 7297 Crore outside of India, where they were purposefully not realised and not repatriated from the aforementioned entities overseas. In the execution of a power granted by Section 37A of FEMA, 1999, an equivalent amount of assets in India were seized.
A case involving Shree Ganesh Jewellery House (I) Ltd. is being looked into by the ED in accordance with the 2002 Prevention of Money Laundering Act.
