The Enforcement Directorate (ED) today said it has seized mutual funds valued at ₹10.35 crore under the FEMA law of a company “controlled” by businessman and former IPL Chairman Chirayu Amin in the Panama Papers case.
The central probe agency said it seized mutual funds of Whitefield Chemtech Private Limited, “which is controlled by Amin and his family”, under section 37A of the Foreign Exchange Management Act (FEMA).
The names of Amin and his family members, it said in a statement, had figured in the Panama Papers case with respect to their stakes/interests in the firm in the British Virgin Islands.
During the investigation, the agency said, it was noticed that Amin and his family members, through their company Whitefield Chemtech Pvt Ltd India, had “invested an amount of USD 1.6 million for purchase of a 3BHK apartment in Campden Hill, UK.”
The Panama Papers, that surfaced last year, contained brief particulars of about 426 people, prima facie, Indians or persons of Indian origin.
The government had constituted a multi-agency group (MAG) of investigative agencies in April 2016 to probe these instances.
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