Surat-based SEZ entity on ED radar for 'illegal' forex remittances of over ₹4,000 cr
The agency last week filed a complaint with the agency's Adjudicating Authority under relevant provisions of Foreign Exchange Management Act (FEMA) alleging that the Surat-based entity illegally transferred forex to foreign shores in the «garb of imports from the special economic zone».
The complaint alleges that the agency has so far detected illegal transfers of ₹3,437 crore. According to people in the know the total amount of alleged illegal transfers is likely to reach ₹5,000 crore.
The complaint has been filed against M/s. Sharnam Jewels Limited (SJL), LLP, its partners and others. Acting under FEMA, the ED has also seized properties, in the form of plots, flats and bank balances worth ₹29.9 crore.
According to ED, the maximum foreign remittances have been made to Hong Kong. The complaint, exclusively reviewed by ET, alleges that the Surat-based entity «no infrastructure to manufacture gems and jewellery running into thousands of crores».
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