The Enforcement Directorate (ED) today (August 28) said a penalty of Rs 908 crore has been slapped in a case related to the violation of foreign exchange rules against DMK MP S Jagathratchakan and his family members.
Jagathratchakan, 76, represents the Arakkonam Lok Sabha seat. The agency said a FEMA probe was initiated against the MP, a businessman from Tamil Nadu, his family members and related Indian entity.
This investigation, it said, resulted in the passing of seizure order, dated September 11, 2020 under section 37A of FEMA, for various movable and immovable properties in the name of the MP and his family members. There are valued at Rs 89.19 crore.
"The properties worth Rs 89.19 crore which were seized in terms of section 37A of FEMA were also ordered for confiscation, and penalty of Rs 908 crore is levied vide Adjudication Order dated 26/08/2024," the ED said.
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