The Enforcement Directorate (ED) has levied a significant ₹900 crore fine on DMK Member of Parliament (MP) Jagathrakshakan and his family members in a case related to violations of foreign exchange regulations. This action comes after the agency confiscated assets worth ₹89 crore linked to the case.
According to an official statement released by the ED, properties worth ₹89.19 crore, seized in September 2020, have been confiscated following an adjudication order issued on August 26, 2024, under the Foreign Exchange Management Act (FEMA). The 76-year-old MP, representing the Arakkonam Lok Sabha constituency, was the subject of the investigation.
The ED’s investigation revealed that Jagathrakshakan, a businessman from Tamil Nadu, his family members, and associated Indian entities had engaged in activities that violated FEMA regulations. As a result, the agency issued a seizure order on September 11, 2020, targeting various movable and immovable properties belonging to the MP and his family.
The ED’s recent actions are part of its ongoing efforts to combat financial crimes and ensure compliance with foreign exchange regulations in India. This case highlights the agency’s commitment to holding individuals and entities accountable for breaches of financial laws.
