New Delhi, Jul 13 (PTI) The Enforcement Directorate has seized assets worth Rs 17.34 crore of a Karnataka resident, who allegedly acquired property abroad and made overseas transactions in violation of the Foreign Exchange Management Act.

The federal agency said in a statement that two houses and an industrial plot of Mangaluru resident K Mohammed Haris have been seized.

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Haris, the Enforcement Directorate (ED) alleged, "acquired" a flat in Ajman UAE, held foreign bank accounts and investments and shareholdings in a foreign business entity in UAE valued at AED 92,69,025.78 (equivalent to Rs 17,34,80,746), in violation of section 4 of FEMA, 1999."

According to section 37A of the Act, if any foreign exchange, foreign security or immovable property, situated outside India, is suspected to have been held in contravention of this law, then the ED is empowered to seize value equivalent within India, of such foreign exchange, foreign security or immovable property, it said.

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The total market value of the seized Indian assets is Rs 17.34 crore, it said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)