ED Slaps Rs 908 Cr Penalty on DMK MP & Family in Forex Violation Case

New Delhi: A huge penalty of Rs 908 crore was imposed by the Enforcement Directorate (ED) on DMK MP Jagathrakshakan and his family in connection with a forex violation case.

According to an ED notification, the DMK MP who is also a businessman, allegedly violated the Foreign Exchange Management Act (FEMA) rules in September 2020.

Earlier, the ED had seized properties in the name of Jagathrakshakan and his family members worth around Rs 89.19 crore.

The charges against Jagathrakshakan include investment to the tune of Rs 42 crore into a shell company in Singapore during 2017, and acquisition of Singapore Foreign Shares and its subsequent transfer amongst the family members.

The ED also alleged that the DMK MP invested around Rs 9 crore in a Sri Lankan firm.