ED slaps Rs 908 crore fine on DMK MP S. Jagathratchakan for FEMA breach

The Enforcement Directorate (ED) on Wednesday imposed a Rs 908 crore penalty on DMK MP S. Jagathratchakan and his family for violating foreign exchange laws.

The probe agency announced that properties worth Rs 89.19 crore, seized in September 2020, have been confiscated following an adjudication order issued on August 26 under the Foreign Exchange Management Act (FEMA).

Jagathratchakan, 76, who represents the Arakkonam Lok Sabha constituency, has been implicated in a probe involving his family and a related Indian entity, which led to a seizure order issued on September 11, 2020, under Section 37A of the Foreign Exchange Management Act (FEMA), PTI reported.

Also Read:‘Enough is enough’: President Murmu writes days after Kolkata rape-murder horror

This order covered various movable and immovable assets valued at ₹89.19 crore.

The ED stated, “The properties worth Rs 89.19 crore which were seized in terms of section 37A of FEMA were also ordered for confiscation, and penalty of Rs 908 crore is levied vide Adjudication Order dated 26/08/2024,”