ED seizes Rs 40 cr assets of Pune businessman Avinash Bhosle under FEMA
The ED initiated the FEMA investigation in September 2017 against Bhosle and his family on the basis of the information received that the businessman and his family members have acquired immovable property in Dubai in contravention of FEMA 1999. Investigation revealed that Bhosle and his family acquired foreign securities of a company Rochdale Associates Limited, Dubai, which held immovable property worth AED 20,000,000 (equivalent to Rs 40,34,00,000).
Jun 21, 2021, 20:13 PM IST