Wed Feb 04 17:06:11 UTC 2026: # ED Seizes Properties Worth ₹27.83 Crore in FEMA Violation Crackdown

The Story: The Enforcement Directorate (ED) has seized eight immovable properties valued at ₹27.83 crore for violations of the Foreign Exchange Management Act (FEMA). The seizures followed intelligence inputs and searches revealing that high-net-worth individuals were investing in Dubai using funds routed through illegal “hawala” channels. The ED alleges that these individuals failed to declare the foreign assets or provide evidence of authorized outward remittances or RBI approval for the acquisitions.

Key Points:

  • The ED seized eight immovable properties worth ₹27.83 crore.
  • The properties were seized due to violations of the Foreign Exchange Management Act (FEMA).
  • Investigations revealed that high-net-worth individuals were investing in Dubai using “hawala” channels.
  • Kapil Aggarwal and Sangeeta Aggarwal allegedly acquired 10 properties in Dubai worth AED 1,94,03,975 (approximately ₹34.14 crore) without proper authorization. Five of their properties in India worth ₹17.83 crore have been seized.
  • S. Bhattacharya allegedly acquired two properties valued at AED 40,07,319 (approximately ₹.9.83 crore) without authorized remittances. Three properties in India worth nearly ₹10 crore belonging to S. Bhattacharya have been seized.
  • The action was taken under Section 37A of FEMA.

Key Takeaways:

  • The Enforcement Directorate is actively pursuing cases of foreign exchange violations and illegal overseas investments.
  • The use of “hawala” channels for transferring funds remains a concern for Indian regulatory agencies.
  • High-net-worth individuals attempting to circumvent foreign exchange regulations face potential asset seizures and legal repercussions.
  • The ED’s actions highlight the government’s commitment to curbing illicit financial flows and ensuring compliance with FEMA.

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