ED seizes properties worth Rs 41.64 crore in FEMA probe against Pune businessman, family

The Directorate of Enforcement (ED) has seized 3 immovable properties worth Rs. 41.64 crores in a probe against Zavareh Soli Poonawalla and his family members. The estates located at Ceejay house in Worli in Mumbai have been attached under provisions of FEMA for alleged misuse of the Liberalized Remittance Scheme (LRS) by the accused and his family members for reporting foreign exchange abroad.

Claiming that the accused's name was found in the Panama Papers revelations regarding offshore entities, ED contended that the accused used the maximum permissible limit for remitting foreign exchange, and from 2011-12 they remitted money abroad via misdeclarations under the pretext of 'family maintenance and self-maintenance'. However, ED's probe revealed that none of the family members of the accused were residing abroad or holding NRI status, and the entire funds remitted under LRS were invested into M/S Stallast Limited based in BVI.

The funds remitted by the accused were allegedly utilized by M/S Stallast Limited to purchase 4 properties in the United Kingdom, including apartments at Paddington in London.