DMK MP fined Rs 908 crore.
The Enforcement Directorate (ED) on Wednesday informed about a major action. The ED has said that a fine of Rs 908 crore has been imposed on Dravida Munnetra Kazhagam (DMK) Lok Sabha MP S Jagatrakshan and his family members. Along with this, property worth Rs 89.19 crore has also been confiscated. Let us know what is the reason behind such a huge fine.
Why was a fine of Rs 908 crore imposed?
The ED has imposed a hefty penalty of Rs 908 crore against DMK MP Jagatrakshan and his family members in a case related to violation of foreign exchange rules. The ED has said in its statement that assets worth Rs 89.19 crore, seized in September 2020 under the FEMA law, have been attached following an order issued on August 26.
Who is S Jagathrakshakan?
76-year-old DMK leader S Jagatrakshan is an MP from Arakkonam Lok Sabha seat in Tamil Nadu. He is also a well-known businessman of Tamil Nadu. The ED has said that an investigation was initiated against MP S Jagatrakshan, his family and related Indian units under the Foreign Exchange Management Act or FEMA.
After investigation, a confiscation order was passed on September 11, 2020 under Section 37A of FEMA for several movable and immovable properties in the name of MP Jagatrakshan and his family members. Their value is Rs 89.19 crore. This property has been confiscated and now a fine of Rs 908 crore has also been imposed on the MP. (input language)
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