Panama Papers: ED seizes Rs 7 crore from Delhi family

Cracking the whip in the Panama Papers case, the Enforcement Directorate (ED) has seized Rs 7 crore in various bank accounts a family of renowned jewellers in Delhi — the Mehra family of Mehrasons Jewellers. 

The agency made the first seizure under section 37A (power of search and seizure) of the Foreign Exchange Management Act 1999.

It was during investigations into the Panama Papers leak that the four accused sent huge amounts of money out of India by misusing the Liberalised Remittance Scheme (LRS) of the Reserve Bank of India in the garb of making investments abroad.