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HSBC black money list: ED seizes assets worth Rs 20.87 cr of ex-Dabur chief Pradip Burman

The agency took over the case on the basis of a chargesheet filed by the Income Tax Department against Burman as part of its probe in the leaked HSBC list of the Indians. The trial in the case is yet to start.

twitter-logo BusinessToday.In   New Delhi     Last Updated: May 22, 2018  | 21:55 IST
HSBC black money list: ED seizes assets worth Rs 20.87 cr of ex-Dabur chief Pradip Burman
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The Enforcement Directorate on Tuesday seized assets worth Rs 20.87 crore of former Dabur group director Pradip Burman in its inquiry into the HSBC bank black money list, which was unearthed a few years ago. Pradip Burman belongs to the family that owns Dabur India Ltd. His name had appeared in the black-money list holders among 628 Indians in the HSBC Geneva list in FY 2006-2007. The seized assets comprised 50,000 tax free government bonds of the Housing and Urban Development Corporation and the Indian Railway Finance Corporation, which were purchased on different dates for Rs 5 crore, Rs 4 crore, and Rs 11 crore, amounting to over Rs 20 crore.

The inquiry is being under done under Section 37A (1) of the FEMA (Foreign Exchange Management Act). The agency took over the case on the basis of a chargesheet filed by the Income Tax Department against Burman as part of its probe in the leaked HSBC list of the Indians. The trial in the case is yet to start.

The agency said the assets were seized after it was found that Burman deposited $3.2 million in his account with HSBC bank in Zurich in Switzerland and that he "did not" show this amount in his IT Returns filed during 2007-08 despite declaring it to the taxman that this was his earning. "The investigation revealed that Burman has deposited $3.2 million with HSBC, Zurich, and was holding the same in contravention of section 4 of the FEMA and failed to repatriate the entire amount to India till date," the ED said.

Burman was a director in Dabur India Limited, Sanat Product Ltd and Ayurved, Ratna Commercial Enterprises (P) Ltd and is also a trustee in the Burman family trust called the Dr SK Burman Charitable Trust. The black-money holders' list was obtained by India from the French government in 2007.

With PTI inputs

 

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