New Delhi, September 4: The Enforcement Directorate (ED) has seized assets worth Rs 65.53 crore of Venkateshwar Hatcheries Private Limited, a major company in the animal husbandry sector. The central probe agency has seized nine immovable properties of the company located in Maharashtra and Karnataka under the provisions of the Foreign Exchange Management Act (FEMA) of 1999.
ED said in a statement issued on Monday that nine properties worth Rs 65.53 crore of ‘Venkateshwar Hatcheries Private Limited’, a major company in the animal husbandry sector, have been seized under FEMA on charges of sending illegal foreign money to buy a 90-acre house in Britain.
The investigating agency further said that the case is being probed under the provisions of the Foreign Exchange Management Act (FEMA). This case pertains to the sending of this amount since 2011 to its wholly owned subsidiary company named ‘Venky’s Overseas Limited (VOL). Considering this a violation of the law, the Central Investigation Agency has seized properties worth the same amount in India under the provisions of Article 37A of FEMA.
