New Delhi: The Enforcement Directorate (ED) on Wednesday imposed a penalty of Rs 908 crore on DMK MP S Jagathratchakan and his family members for violating foreign exchange rules.

The federal agency announced that it has confiscated properties worth Rs 89.19 crore, seized in September 2020, following an adjudication order issued on August 26 under the Foreign Exchange Management Act (FEMA).

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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 a related Indian entity.

This investigation, it said, resulted in the passing of a 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. They are valued at Rs 89.19 crore.

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"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.
(With PTI Inputs)

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