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Chennai: The Enforcement Directorate (ED) has fined DMK MP S Jagathrakshakan and his family ₹908 crore in a Foreign Exchange Management Act (FEMA) case. The agency said the amount includes confiscated assets worth ₹89 crore.
The ED in Chennai conducted a probe under FEMA against Tamil Nadu MP and businessman Jagathrakshakan, along with his family members and associated Indian entities. Properties valued at Rs. 89.19 crore, seized under Section 37A of FEMA, were ordered for confiscation, ED said in an X post.
Additionally, a penalty of approximately ₹908 crore was levied through an Adjudication Order issued on Monday, it added.
“The properties worth ₹89.19 crore which were seized in terms of section 37A of FEMA were also ordered for confiscation, and penalty of ₹908 crore is levied vide Adjudication Order dated 26/08/2024,” the ED said.
Jagathratchakan, 76, represents the Arakkonam Lok Sabha seat.
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