ED Shocks MP And His Family: Heavy Fine Of 908 Cr Imposed!

Central agency Enforcement Directorate (ED) gave a big shock to an MP and his family by slapping a hefty fine. In connection with a FEMA violation case, a big penalty of over Rs 900 cr was imposed on the MP and his family. We have never seen an agency imposing such a big amount as a penalty.

Going into details S Jagathrakshakan who is an MP from the ruling DMK in Tamil Nadu faced a big jolt as the ED imposed a big fine of Rs 908 in connection with an old cost. There are allegations that the MP and his family for violating the FEMA norms.

For the past few years, the ED and Income Tax department have been probing the issue and multiple raids have been conducted. ED filed a case against the MP back in 2021 and a probe has been underway since then.

Now a big development took place with ED slapping a big fine of Rs 908 crores. On top of this properties worth Rs 89 crores were also seized under FEMA. This can be seen as a big blow as a fine was imposed and properties were also seized.

Hindustan Times reported that a few years back an oil refinery was announced by the Board of Investments in Sri Lanka and the MP’s wife and sons were mentioned as the board of directions that invested in the project.

As per the information he is accused of floating shell companies in abroad violating FEMA rules. A case has been registered against him and a probe was initiated. ED which investigated the matter under FEMA and imposed a fine of Rs 908 crores. On top of this properties worth Rs. 89.19 Crore were seized.