ED seizes properties worth Rs 89 cr held by DMK MP and his family

Move follows suspected illegal acquisition of foreign securities by the MP and his kin

The Directorate of Enforcement (ED) has issued seizure orders on properties worth Rs 89 crore held by DMK Member of Parliament, Senior S Jagathrakshakan and his family members. The assets are equivalent in value to foreign securities that were illegally acquired from a Singapore-based company in contravention of Section 4 of FEMA. They were then transferred to the MP's family in contravention of FEMA.

Following information received by the ED that Jagathrakshakan had acquired foreign securities in violation of FEMA, the matter was taken up for detailed investigation. 

ED said that during the course of investigation under the provisions of FEMA, it