DMK MP S Jagathratchakan Fined Rs 908 Crore for FEMA Violations

DMK MP S Jagathratchakan and his family have been fined Rs 908 crore by the Enforcement Directorate for violating foreign exchange rules. Properties worth Rs 89.19 crore, seized in September 2020, have also been confiscated following an adjudication order. The investigation led to the seizure of various assets under FEMA.

The Enforcement Directorate (ED) on Wednesday announced that a penalty of Rs 908 crore has been imposed on DMK MP S Jagathratchakan and his family members for violating foreign exchange rules. The federal agency stated that properties valued at Rs 89.19 crore, which were seized in September 2020, have now been confiscated following an adjudication order issued on August 26 under the Foreign Exchange Management Act (FEMA).

Jagathratchakan, a 76-year-old MP representing the Arakkonam Lok Sabha seat from Tamil Nadu, was the focus of a FEMA probe along with his family members and a related Indian entity. The investigation resulted in a seizure order dated September 11, 2020, covering various movable and immovable properties.

The agency confirmed that the properties seized under section 37A of FEMA, valued at Rs 89.19 crore, have now been ordered for confiscation, and a substantial penalty of Rs 908 crore has been levied as per the adjudication order dated August 26, 2024,

(With inputs from agencies.)