"Special Director of ED (the adjudicating authority) today imposed a penalty of Rs 1.83 crore on the magnate for FEMA contravention," said an ED official.
A case was registered against him in May 2007 after the builder was intercepted by customs officials and USD 4 lakh was recovered from his possession as he was returning from London.
Further, according to ED, the owner of the firm advanced a loan of USD 1.70 lakh to a man named Ali Asgar in January 2008 and he reportedly also admitted to having deposited USD 1.48 lakh to clear his overseas credit card dues.