Chennai, June 28 (IANS): The Enforcement Directorate (ED) on Wednesday said it has seized moveable properties worth Rs 1.59 crore of industrialist Pradip D. Kothari under the Foreign Exchange Management Act (FEMA).

The ED said in a statement here that it seized the assets during investigations against persons holding foreign assets without proper approvals.

According to the ED, FEMA investigations were carried out against Kothari in respect of credit of foreign exchange to the tune of $352,258.25 held in a/c 5091365665 of XENIOS FOUNDATION in HSBC Bank, Geneva, suspected to be held outside India and thereby contravening Section 4 of FEMA.

During investigation, it was admitted that amounts were kept in the foreign accounts without proper permission from RBI and without declaring the same to tax authorities, the ED said.

According to ED, Kothari could not produce any evidences to show that the said amount was repatriated to India.

As per FEMA provisions, an authorised officer can seize amounts in India of equivalent value to the assets held abroad.

"Accordingly, Enforcement Directorate, Chennai, seized Rs 1.59 Crores of Pradeep D. Kothari, held in his Demat A/c No. DP ID: IN300484 with Axis Bank Ltd, Mylapore Branch, Chennai, under the provisions of Section 37A of FEMA. Further investigations are in progress," the ED said.