NEW DELHI: The Enforcement Directorate on Tuesday said it has seized assets price Rs 20.87 crore of former Dabur staff Director Pradip Burman in reference to its FEMA probe within the HSBC bank black cash list unearthed few years in the past.
The ED initiated the motion underneath the provisions of the Foreign Exchange Management Act (FEMA) and the seized assets include 50,000 tax-free executive bonds of HUDCO and IRFC.
The agency took over the case on the basis of a price sheet filed by the Income Tax Department (ITD) towards Burman as part of its probe within the leaked HSBC list of Indians.
The trial on this ITD case continues to be to begin.
The agency said the assets within the country have been seized, in lieu of assets held out of the country, after it was discovered that Burman deposited USD 32.12 lakh in his account with HSBC bank in Zurich in Switzerland and that he "did not" display this quantity in his IT Returns filed right through 2007-08, in spite of pointing out it to the taxman that this was his incomes.
"The investigation revealed that Burman has deposited USD 32.12 lakh with HSBC, Zurich and was holding the same in contravention of section 4 of the FEMA and failed to repatriate the entire amount to India till date," the ED said.
Burman is a former Director in Ms Dabur India Limited, Ms Sanat Product Ltd and Ayurved, Ms Ratna Commercial Enterprises (P) Ltd and is also a trustee within the Burman circle of relatives believe known as the Dr S Okay Burman Charitable Trust.
This case is one amongst the list of 628 Indians, who figured in a list of account holders in HSBC Bank's Geneva department, that India had got from the French executive in 2007.
The ED initiated the motion underneath the provisions of the Foreign Exchange Management Act (FEMA) and the seized assets include 50,000 tax-free executive bonds of HUDCO and IRFC.
The agency took over the case on the basis of a price sheet filed by the Income Tax Department (ITD) towards Burman as part of its probe within the leaked HSBC list of Indians.
The trial on this ITD case continues to be to begin.
The agency said the assets within the country have been seized, in lieu of assets held out of the country, after it was discovered that Burman deposited USD 32.12 lakh in his account with HSBC bank in Zurich in Switzerland and that he "did not" display this quantity in his IT Returns filed right through 2007-08, in spite of pointing out it to the taxman that this was his incomes.
"The investigation revealed that Burman has deposited USD 32.12 lakh with HSBC, Zurich and was holding the same in contravention of section 4 of the FEMA and failed to repatriate the entire amount to India till date," the ED said.
Burman is a former Director in Ms Dabur India Limited, Ms Sanat Product Ltd and Ayurved, Ms Ratna Commercial Enterprises (P) Ltd and is also a trustee within the Burman circle of relatives believe known as the Dr S Okay Burman Charitable Trust.
This case is one amongst the list of 628 Indians, who figured in a list of account holders in HSBC Bank's Geneva department, that India had got from the French executive in 2007.
HSBC black money list: ED seizes Rs 20.87 crore assets of ex-Dabur director
![HSBC black money list: ED seizes Rs 20.87 crore assets of ex-Dabur director]()
Reviewed by Kailash
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May 23, 2018
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