KOCHI: The Enforcement Directorate (ED) has turned down the request by the Bulgarian Embassy to release `58 crore from the account of Jose George, the proprietor of the export firm which is under the ED’s lens.
The ED had frozen the bank account following dubious transactions related to export of sunflower oil. “Two months ago, the Bulgarian Embassy approached the ED director requesting the release of the fund.
The meeting between the Bulgarian Ambassador and ED director took place in New Delhi. It was made clear the amount could only be released by the adjudicating authority appointed to oversee cases related to money laundering,” said an ED officer.
The ED had frozen the account after it found George’s firm Trade International made a deal wherein it withdrew money without exporting sunflower oil to a Bulgarian company, thereby violating the Foreign Exchange Management Act.
The ED attached the amount and properties of George and his relatives. George approached the High Court and sought the release of the money saying nothing illegal took place in the export. The ED said they had attempted to contact the Bulgarian company when the incident was reported in 2016 but the latter was non-responsive.