Chennai: The Enforcement Directorate has won assets worth Rs.293 Crore Nesamanimaran Muthu aka MGM Maran, former Chair of the Tamilnad Mercantile Bank Limited.
Assets in the form of share ownership in four Indian companies – Softnern Agrifuran Industries Private Limited, Anand Transport Private Limited, MGM Entertainment Private Limited and MGM Diamond Beach Resorts Private Limited.
According to official release on Tuesday, Muthu has included two companies in Singapore between 2005 and 2007 and invested Singapore dollars 5.29.86.250 (Rs.293.91 Crore) without the approval of the Bank of India (RBI) that reserves.
Section 37A (1) of the foreign exchange management law (FEMA), 1999 empowered ED to seize domestic assets of Indians, who invest in foreign countries without RBI’s consent.
Sources for large investments abroad were not disclosed to Indian regulators, the release said.
Further investigation is underway, the central body said.
RS 293-CR assets of former leading bankers are confiscated
