Sunday 31 May 2020, 10:13 AM
ED attaches assets of defence dealer Sanjay Bhandari worth Rs 26 cr
By IANS | Bharat Defence Kavach | Publish Date: 12/27/2017 2:28:39 PM
ED attaches assets of defence dealer Sanjay Bhandari worth Rs 26 cr

New Delhi: The Enforcement Directorate on Wednesday said it has attached properties worth Rs 26.6 crore belonging to controversial defence consultant and arms dealer Sanjay Bhandari and others under the Foreign Exchange Management Act (FEMA) in the National Capital Region.

An ED official told IANS: "We have seized assets worth Rs 26.61 crore of Sanjay Bhandari and others in lieu of undisclosed assets held abroad by him under sections of Foreign Exchange Management Act (FEMA) held in his name, in the name of his wife and as well as his various companies on Tuesday."

The agency's action comes in the wake of its ongoing investigation into the case it registered under criminal charges of the Prevention of Money Laundering Act (PMLA) in February this year and also under the FEMA.According to agency officials, Bhandari has acquired assets worth over Rs 150 crore outside India, which he had not declared for taxation purposes before the Income Tax authorities. This is the second attachment of assets by the probe agency against Bhandari. 

Earlier on June 1, the financial probe agency attached properties worth Rs 21 crore belonging to him in Delhi over his involvement in a money laundering case, which included -- commercial properties in Panchsheel Shopping Complex, Panchsheel Park, residential house in Vasant Vihar in south Delhi and another house in Gurugram, that were registered in his name, his wife's name as well as the various companies he ran. 

The Income Tax department had registered a case against Bhandari under the Black Money Act, notified in 2016 to curb the stashing of unaccounted wealth and properties abroad by Indians.The case first came to light after the I-T Department conducted searches against him in April 2016 and recovered certain "sensitive" official defence documents from his premises.The Delhi Police had also booked him for alleged violation of the Official Secrets Act (OSA) last year.


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