New Delhi, Dec 16 (IANS): The Enforcement Directorate (ED) on Friday said that it had seized movable and immovable properties worth Rs 177.8 crore of Shree Ganesh Jewellery House (I) Ltd and its Directors and promoters under the Foreign Exchange Management Act.

An ED official said that Shree Ganesh Jewellery House (I) Ltd and its directors exported jewellery items to Al Marhaba Trading FZE, UAE, Sparkle Jewellery LLC, UAE, and Astha Jewellery LLC, UAE, which were all their associate companies under their control.

The export proceeds amounting to Rs 7,297 crore were deliberately not realised and intentionally not repatriated from the said companies abroad and were parked outside India by the jewellery house and its Directors and promoters in contravention of provisions of the FEMA, the official said,adding that a seizure of equal amount of assets in India has been made in exercise of power conferred by Section 37A of FEMA.

The ED is also investigating a case against the jewellery house under the provisions of the Prevention of Money Laundering Act.