Pradip Burman is a director of Dabur India Ltd., Sanat Product Ltd. and Ayurved Pvt. and . Ratna Commercial Enterprises (P) Ltd. and also one of the trustee in SK Burman Charitable Trust, a Burman family trust.
The Enforcement Directorate has seized assets worth Rs 20.87 crores of Pradip Burman, a director of Dabur India, for holding assets abroad in violation of Foreign Exchange Management Act.
Pradip Burman is a director of Dabur India Ltd., Sanat Product Ltd. and Ayurved Pvt. and . Ratna Commercial Enterprises (P) Ltd. and also one of the trustee in SK Burman Charitable Trust, a Burman family trust.
"The seizure order was issued pursuant to investigation which revealed that Pradip Burman has deposited$ 32,12,000 in his account with Hong – Kong and Shanghai Banking Corporation Zurich," ED said in its statement.
Burman had declared before Income Tax Authority that he had earned$ 32,12,000 whereas he had not shown this amount in his I-T returns filed in India for the period 2007-08, the ED said.
Taxmen have filed a prosecution complaint against Pradip Burman in the Court of Metropolitan Magistrate which is pending.
"Investigation revealed that Burman had deposited US$ 32,12,000 with HSBC, Zurich and holding the same in contravention of Section 4 of FEMA, 1999 and failed to repatriate the entire amount to India till date," the agency said.
After investigations under FEMA provisions against Burman, a seizure order was issued in respect of movable assets, identified in India to the tune of Rs 20.87 crore held in his name.
"The movable assets in India comprised of 50,000 Tax Free Govt. Bond of HUDCO and IRFC 48,861 & 1,10,535 bonds of IRFC purchased on different dates for an amount of Rs. 5,00,00,000, Rs. 4,88,61,000 and Rs. 11,05,35,000 respectively," said the agency adding that the total purchase amount of these bonds was Rs. 20,93,96,000.
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