New Delhi, Jun 6 (IANS): The Enforcement Directorate (ED) has seized assets worth Rs 2.74 crore in the form of fixed deposits, bank balance and land in West Bengal belonging to Shyama Prasad Murarka and Sanjay Murarka under the provisions of the Foreign Exchange Management Act (FEMA) in the Panama Paper leak case.

An ED official said that it was revealed in the Panama leaks that Shyama Prasad Murarka (since deceased) and Sanjay Murarka were directors and shareholders in Billipack Limited incorporated in the British Virgin Islands.

Shyama and Sanjay were the beneficiaries in bank account of Billipack Limited maintained with HSBC Switzerland. The investigation conducted under FEMA revealed that the Murarka family was holding assets in the form of "foreign exchange" in various accounts with HSBC Switzerland in their name and in the name of Billipack Limited in contravention of FEMA.

During investigation, assets totaling Rs 2.74 crore, in the form of fixed deposits, bank balance and land in South 24 Parganas district in West Bengal were seized under Section 37A of FEMA.