ED gave a big shock to MP S Jagatrakshakan of the ruling DMK party in Tamil Nadu. Enforcement Directorate (ED) has imposed a fine of Rs 908 crore on DMK MP S Jagathratchakanand his family, the investigating agency said on Wednesday. In Chennai, the ED conducted an investigation under FEMA against the Tamil Nadu MP and businessman S Jagathratchakan, their family members and the concerned Indian entity.
Central probe agency said that assets worth Rs 89 crore have been confiscated in a case related to the violation of foreign exchange rules.
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ED clarified that this huge fine was imposed in the case of violation of Foreign Exchange Management Act (FEMA) regulations. These actions were taken in compliance with the judgment passed on 26th of this month.
ED stated that properties worth Rs 89.19 crore, seized in the month of September 2020, have been confiscated following an adjudication order issued on August 26 under FEMA.
MP Jagathratchakan, represents the Arakkonam Lok Sabha seat.
