Chandigarh: In a major action against companies and individuals linked to Punjab Industries and Energy Minister Sanjeev Arora, the Enforcement Directorate (ED) has temporarily attached bank accounts, demat holdings and immovable properties in a case of alleged fake exports and foreign exchange violations worth Rs 157.12 crore.
ED issued this temporary attachment order on April 19 under Section 37(3) of the Foreign Exchange Management Act (FEMA), 1999 and Section 132(9B) of the Income Tax Act. As per the order, the concerned properties have been frozen for 180 days so that the revenue interest is protected and the investigation can be carried forward.
