IANS | 22 May, 2018
The Enforcement Directorate on Tuesday seized assets worth Rs 20.87
crore belonging to the director of Dabur India Limited under Foreign
Exchange Management Act (FEMA) for holding assets abroad.
The
seizure order has been issued pursuant to an investigation which prima
facie revealed that the company's Director Pradip Burman had deposited
$3.21 million in his account with the Hong Kong and Shanghai Banking
Corporation (HSBC) in Zurich, according to ED officials.
Burman
declared before the Income Tax Department that he had earned the amount,
but had not shown it in the IT returns, filed in India for the period
2007-08.
After the investigation, the IT Department filed a
prosecution complaint against him in the court of metropolitan
magistrate, which is pending trial.
