ED seized assets of Sanjay Bhandari; heres why
In a major development, the Enforcement Directorate (ED) on Wednesday said it has seized assets worth Rs 26.61 of controversial arms dealer Sanjay Bhandari and others for alleged violation of the FEMA law.
It said it has seized the properties “in lieu of undisclosed assets held abroad by him”.
Section 37A of the FEMA stipulates that if certain foreign exchange, foreign security or immovable property is held outside India in violation of this law, the equivalent value of asset can be seized within India.
The ED had booked Bhandari, reported to have left India for a foreign location sometime ago, under criminal charges of the PMLA law in February this year as also under the FEMA.
The Delhi Police had also booked him for alleged violation of the Official Secrets Act (OSA) last year.
Bhandari’s case first came to light after the I-T department conducted searches against him in April last year and recovered certain “sensitive” official defence documents from his premises. >