The ED is investigating a case of misuse of Liberalized Remittance Scheme (LRS) under the provisions of the FEMA against Zavareh Soli Poonawalla and his family. His name was found in the Panama Papers revelations regarding off-shore entities Get more Real Estate News and Business News on Zee Business.
The agency is investigating a case of misuse of Liberalised Remittance Scheme (LRS) under the provisions of FEMA against Zavareh Soli Poonawalla and his family after their names figured in the Panama Papers, which detail financial and attorney-client information for more than 214,488 offshore entities.
Zavareh Poonawalla is the brother of Cyrus S Poonawalla, the founder and CMD of vaccine major Serum Institute of India (SII). The company and its promoters are not linked to this case
The #EnforcementDirectorate investigation revealed #ZavarehSoliPoonawalla and his family members had remitted foreign exchange abroad by misutilization the provisions of LRS scheme.
The Enforcement Directorate (ED) has seized three immovable properties worth Rs 41.64 crore under the provisions of Foreign Exchange Management Act (FEMA) during a probe against Zavareh Soli Poonawalla and his family members.