Chennai, Sep 12 (IANS): The Directorate of Enforcement (ED) on Saturday said that it has issued an order under FEMA for seizure of properties valued at Rs 89.19 crore held by DMK's Lok Sabha member S Jagathrakshakan and his family members.

According to the ED, the value of the properties seized is equivalent to that of illegally acquired, held and transferred foreign security in Singapore-based company in contravention of Section 4 of Foreign Exchange Management Act (FEMA).

An ED statement issued here said that the agency had received information that Jagathrakshakan had allegedly acquired foreign security in violation of FEMA. The DMK leader represents Arakkonam constituency in Tamil Nadu in the Lok Sabha.

During its probe, the ED found that Jagathrakshakan and his son Sundeep Aanand had subscribed to 70,00,000 shares and 20,00,000 shares respectively (valued at Singapore $1 per share) of Silver Park International Pte Ltd, Singapore, without Reserve Bank of India's (RBI) prior approval.

"Further, these unauthorised acquired shares were transferred by Jagathrakshakan to his family members in contravention of Section 4 of FEMA read with Regulation 3 of the Foreign Exchange Management (Transfer or Issue of Foreign Security) Regulations, 2004," the ED said.

Citing Section 37 of FEMA, the ED said it has the power to seize property in India whose value is equivalent to the value of foreign exchange, foreign security, or any immovable property situated outside India.

As a result, the immovable properties in the form of agricultural land, plots, houses and others etc in Tamil Nadu and movable properties in the form of balance in bank accounts and shares totalling Rs 89.19 crore held by Jagathrakshakan and his family members were seized, said the ED.

Further investigation in the case is in progress.