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New Delhi, Dec 15 (IANS) The Enforcement Directorate (ED) on Saturday said it has seized assets worth Rs 20.87 crore of Dabur India Director Pradip Burman and properties worth Rs 10.28 crore of Emmar MGF Managing Director Shravan Gupta, for holding assets abroad.
The Directorate said that seizure order was issued pursuant to investigation which revealed that Burman has deposited US$32,12,000 in his account with Zurich branch of the HongKong and Sanghai Banking Corporation (HSBC), in Switzerland.
The agency said in a statement, the money deposited was in contravention of the Foreign Exchange Management Act (FEMA), and the amount had not been remitted to India to date.
The ED said the seizure of assets of Gupta were made for holding US$15,40,650 in HSBC, Switzerland in contravention of the FEMA.
"Investigation conducted so far has revealed that Gupta had parked US$15,40,650 with HSBC, Switzerland and failed to produce any evidence of bringing the entire amount back to India to date," the agency said.