DMK MP S Jagathrakshakan. PTI file
The Earnings Tax Division on Thursday initiated searches at over 40 premises of DMK MP S Jagathrakshakan in Chennai.
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In accordance with PTI, the searches are being performed at a number of places together with some academic establishments.
Jagathrakshakan represents Arakkonam within the Lok Sabha. He was additionally a member of the Manmohan Singh Cupboard in the course of the UPA-II authorities and held necessary portfolios together with these of I&B renewable vitality and commerce & business.
In 2020, the Enforcement Directorate seized properties price greater than Rs 89 crore for alleged violations of the International Trade Administration Act (FEMA).
The company had accused Jagathrakshakan and his son Sundeep Aanand of shopping for 90 lakh shares of a Singapore-based firm known as Silver Park Worldwide Pte Ltd in 2017.
“The ED has issued seizure order under FEMA seizing properties held by S Jagathrakshakan, Member of Parliament, and his family members to the tune of Rs 89.19 crores, equivalent to the value of the illegally acquired, held and transferred foreign security in a Singapore-based company,” ED mentioned in a press release on the time.
“Further, these unauthorised acquired shares were transferred by Jagathrakshakan to his family members in contravention of FEMA rules,” it added.