Chennai, Aug 28 (IANS): The Enforcement Directorate (ED) has fined DMK MP from Arakkonam, S. Jagathrakshakan, and his family Rs 908 crore in a Foreign Exchange Management Act (FEMA) case.

Jagathrakshakan is a DMK leader and businessman with his Accord group having interests in hospitality, pharmaceuticals, and liquor manufacturing businesses.

He is also the owner of Bharath Institute of Higher Education and Research (BIHER).

The financial probe agency said in a statement on X that the DMK MP and his family members have been fined in a case under the Foreign Exchange Management Act (FEMA), adding that the amount includes confiscated assets worth Rs 89 crore.

The ED said that it had conducted a probe under FEMA against Jagathrakshakan and his family members following which properties valued at Rs 89.19 crore were seized and confiscated under Section 37A of FEMA.

In addition to this, fine to the tune of Rs 908 crore has been slapped through an adjudication order issued on Monday.

It may be recalled that on December 1, 2021, the ED filed a FEMA complaint against Jagathrakshakan and his family members under Section 17 of FEMA.

They were charged for violating FEMA provisions, in particular regarding an investment of Rs 42 crore in a shell company in Singapore in 2017, the acquisition and transfer of Singaporean shares among family members, and an investment of Rs 9 crore in a Sri Lankan entity.

A three-time Lok Sabha MP from the Arakkonam constituency, Jagathratchakan was first elected in 1999. He also served as the Minister of State for Commerce and Industry in the UPA government under Manmohan Singh.

Jagathratchakan had faced allegations related to the coal scam in Tamil Nadu in 2012 when he was accused of facilitating illegal coal allocations to one of his companies.