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ED seizes Dabur India director's assets worth Rs 21 crore

He had declared before the Income Tax Department that he had earned the amount, but had not shown it in the IT returns, filed in India for the period 2007-08.

Published: 22nd May 2018 05:03 PM  |   Last Updated: 22nd May 2018 05:26 PM   |  A+A-

A cashier displays the new 2000 Indian rupee banknotes inside a bank in Jammu, November 15, 2016. (Photo | Reuters)

Image used for representational purpose only (File Photo | Reuters)

By IANS

NEW DELHI: The Enforcement Directorate on Tuesday seized assets worth Rs 20.87 crore belonging to the director of Dabur India Limited under Foreign Exchange Management Act (FEMA) for holding assets abroad.

The seizure order has been issued pursuant to an investigation which prima facie revealed that the company's Director Pradip Burman had deposited $3.21 million in his account with the Hong Kong and Shanghai Banking Corporation (HSBC) in Zurich, according to ED officials.

Burman declared before the Income Tax Department that he had earned the amount, but had not shown it in the IT returns, filed in India for the period 2007-08.

After the investigation, the IT Department filed a prosecution complaint against him in the court of metropolitan magistrate, which is pending trial.



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