Summary:
New Delhi: The Enforcement Directorate (ED) on Saturday seized assets worth Rs 10.28 crores from Emaar MGF Managing Director Shravan Gupta under Section 37A (1) of Foreign Exchange Management. As per ED, Shravan Gupta had not shown this amount in the Income Tax (I-T) returns filed in India for the period of 2006-07. After investigation I-T authorities filed a prosecution complaint against Shravan Gupta in the Court of Ld. The petition under section 37 A (2) was filed before competent authority with an appeal to confirm the seizure order. “The assets were seized under Section 37A (1) of Foreign Exchange Management Act (FEMA), 1999 from brothers Shravan Gupta and Rajiv Gupta for holding US $ 15,40,650 in the bank account maintained with Hong Kong and Shanghai Banking Corporation (HSBC), Switzerland,” ED said..