ED seizes Rs293-cr shares of ex-banker under FEMA
New Delhi, December 28
The Enforcement Directorate today said it had seized shares worth Rs 293.91 crore of former Tamil Nadu Mercantile Bank Limited chairman Nesamanimaran Muthu in connection with a probe against him linked to alleged contravention of the FEMA law.
The seized assets are in the form of shareholdings of Muthu, alias MGM Maran, in four Indian companies — Southern Agrifurane Industries Private Limited, Anand Transport Private Limited, MGM Entertainment Private Limited and MGM Diamond Beach Resorts Private Limited.
The agency said Muthu had incorporated two companies in Singapore during 2005-06 and 2006-07 financial years and invested SGD 5,29,86,250 (equivalent to Rs 293.91 crore). “This investment was made without taking approval from the RBI,” the ED said. — TNS
