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J&K: Real estate company raided by ED: seizes FD's and ors worth over Rs 25 cr


Cinosural International An Elementry School Jammu

Jammu, March 9: The Enforcement Directorate carried out searches at six places and seized fixed deposits and sovereign gold bonds worth over Rs 25 crore in connection with a foreign exchange violation case against a real estate firm  included residential and commercial premises in Jammu belonging to Rajesh Rathore and Mohd. Ashraf Sheikh and their companies in the case related to illegal acquisition of land by a non-resident Indian.

As per prevailing guidelines under the Foreign Exchange Management Act, NRI cannot purchase sovereign gold bonds, whereas these seized gold bonds were purchased by the NRI by posing himself as a resident of India.

The investigation was initiated by the ED under the FEMA against Balkrishan Rathore, Rajesh Rathore and others.

During the probe it was found that Rathore, an NRI, had purchased agricultural land and built a multi-storey residential project in the name of Safa Valley through a company named as 8 Boundaries Builders Pvt. Ltd. at Bhatindi in Jammu.

He had infused huge amounts in this company from Dubai for the project in the form of unsecured loans to the company in violation of the FEMA. Calls made to the builder company for comments went unanswered.

 


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