Swiss bank accounts: ED seizes assets worth Rs 10.28 crores of ex-Emaar MGF MD

“The seizure order has been issued pursuant to investigation, which revealed that prima facie Gupta had foreign exchange held to the tune of USD 15,40,650 in his bank account in Hong Kong and Shanghai Banking Corporation (HSBC), Switzerland, situated outside India, in contravention of provisions of Section 4 of the FEMA, 1999. Gupta had not shown this amount in the income tax returns filed in India, for the period 2006-07. However, he had declared this amount in 2011-12 and paid appropriate taxes,” the ED said in a statement.

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Swiss bank accounts: ED seizes assets worth Rs 10.28 crores of ex-Emaar MGF MD

“The seizure order has been issued pursuant to investigation, which revealed that prima facie Gupta had foreign exchange held to the tune of USD 15,40,650 in his bank account in Hong Kong and Shanghai Banking Corporation (HSBC), Switzerland, situated outside India, in contravention of provisions of Section 4 of the FEMA, 1999. Gupta had not shown this amount in the income tax returns filed in India, for the period 2006-07. However, he had declared this amount in 2011-12 and paid appropriate taxes,” the ED said in a statement.

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Your email address will not be published. Required fields are marked *