ED confiscates agricultural land worth Rs 1.76 cr of ex-director of private company

New Delhi [India], December 3 (ANI): Enforcement Directorate on Friday has confiscated agricultural land measuring 4.26 acres worth Rs 1.76 Crore of an NRI who is a former director of M/s Laundry Spot Private Limited for contravening the provisions of the Foreign Exchange Management Act (FEMA).
A penalty of Rs 21.96 lakhs has also been levied.
“ED has confiscated agricultural land measuring 4.26 acre worth Rs 1.76 Crore of an NRI, former director of M/s Laundry Spot Private Limited for contravening the provisions of FEMA, 1999. A penalty of Rs 21.96 lakhs has also been levied,” tweeted ED. (ANI)