The ED has alleged that Watali illegally received Rs 62.93 lakh in violations of FEMA
The Enforcement Directorate (ED) issued a show cause notice to Jammu and Kashmir businessman Zahoor Ahmed Shah Watali on Friday for alleged violation of the Foreign Exchange Management Act. He was arrested last year by the National Investigation Agency on terror funding charges.
The ED alleged that Watali received Rs 62.93 lakh foreign currency in violations of FEMA regulations. "He was actively working as conduit for foreign funds of Jammu and Kashmir based terrorist organisation," said the agency in a statement.
Based on the intelligence input, ED initiated investigation under FEMA and during the course of investigation, it emerged that Watali maintained Non Resident External (NRE) and Non Resident Ordinary (NRO) accounts by mis-declaring himself as Non-resident Indian (NRI) and later transmitted foreign remittances of Rs 62,93,711 during the period 2002-03 to 2008-09 in these accounts from overseas.
"Further he could not provide satisfactory reasoning for source of funds collected overseas and subsequent remittances to India,"the agency stated.
Earlier, NIA arrested Watali on August 17, 2017 at New Delhi for being an active channel to receive foreign contributions from Pakistani establishment and terror organisations and there further remittances to Hurriyat Leaders and secessionists of Jammu and Kashmir to wage a war against India.
NIA filed chargesheet against Watali and others on January 18, .2018 under various stringent section of Indian Penal Code and Unlawful Activities (Prevention) Act, 1967.
Adjudication proceedings under FEMA are in progress for the above show cause notice.
ED is also conducting investigation under PMLA against Watali and others related to the terror funding of Jammu & Kashmir based terrorist organization.
ILLEGALLY GOT RS 62.9L
- The ED has alleged that Watali illegally received Rs 62.93 lakh in violations of FEMA
- He was working as a conduit for foreign funds of terror outfits, it said
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