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Goa Based Businessman Dupes Foreigners In The Name of Selling Them Properties in The Coastal State

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Foreigners are always attracted to Goa and they cannot hold the temptation of having a second home in the coastal state and there are people who take the advantage of this situation. One such case has come into the light in the state of Goa recently wherein a Goa Based Businessman had duped many foreign nationals in the name of selling the properties in Goa.

According to the PTI reports, The Enforcement Directorate has seized shares worth Rs 1.19 crore of a Goa-based businessman who allegedly cheated foreigners in the name of selling them immovable properties in the coastal state, the central agency said on Thursday.

The accused Sunil Kumar holds the shares in the Quepem based company Sanatan Financers and Real Estates Pvt Ltd and also allegedly holds two undisclosed assets in the United Kingdom, states the report. 

His shares were seized under Section 37 A of the Foreign Exchange Management Act (FEMA) that empowers the ED to seize assets in India whose value is equivalent to any foreign exchange, foreign security or immovable property of an entity.  

According to ED, Kumar was “illegally holding” the two foreign assets — Flat no 30, Saint Lukes Court, Perry Close, Stoke-on-Trent, ST1 3RD I, United Kingdom, and House no 45, Ivy House Road, Stoke-on-Trent, ST1 3NT, UK.

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The two properties are worth 1,26,000 British Pounds (over Rs 1.2 crore) and were purchased “in contravention” of the FEMA, the agency claimed.

The The ED said documents of these assets were recovered when sleuths raided the premises of Kumar”s company in January this year.

“Sunil Kumar has been illegally holding two immovable properties in his name in the UK and the same were acquired and held outside India in contravention of Section 4 of FEMA.” Hence, the equivalent value of the properties of Sunil Kumar in India, which is shares held by him in Sanatan Financers and Real Estates Pvt Ltd amounting to Rs 1.19 crores, have been seized under Section 37 A of FEMA,” it said.

Meanwhile, the accused Kumar, his company, and others were booked by the ED under the PMLA after analyzing a Goa Police FIR that was filed against them on charges of cheating foreign nationals “by illegally collecting funds from them in the guise of selling property”.

Earlier, Kumar”s son Ankit Kumar was arrested in this case by the agency. Flats and villas in the name of the company and its promoters (Sunil Kumar and Ankit Kumar) worth Rs 7.73 crore have been provisionally attached by it under the anti-money laundering law.

Source: PTI

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