₹908-crore ED fine on DMK MP Jagathrakshakan

The Enforcement Directorate on Wednesday said that a fine of ₹900 crore was slapped on DMK MP Jagathrakshakan and family members in a FEMA (Foreign Exchange Management Act) case

The agency said that assets worth ₹89 crore were confiscated in a case related to the violation of foreign exchange rules. The ED stated that properties worth ₹89.19 crore, seized in September 2020,were confiscated following an adjudication order issued on August 26 under FEMA.

MP Jagathratchakan, 76, represents the Arakkonam Lok Sabha seat.

Confiscated 

The ED said in an X post that "ED, Chennai had conducted an investigation under FEMA against Jagathrakshakan, a businessman from Tamil Nadu and Member of Parliament, his family members, and a related Indian entity. The properties worth Rs. 89.19 crore, seized in terms of Section 37A of FEMA, also ordered for confiscation, and a penalty of Rs.908 Crore (approx.) is levied vide Adjudication Order passed on August 26." 

This investigation, it said, resulted in the passing of a seizure order, dated September 11 2020 under Section 37A of FEMA, for various movable and immovable properties in the name of DMK MP S Jagathratchakan and his family members.

                                              (By arrangement with livemint.com)