Adnan Samis properties worth crores confiscated

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Old 31-Dec-2010
Adnan Samis properties worth crores confiscated

Adnan Samis properties worth crores confiscated - Sami misled banks: ED

Mumbai: The Enforcement Directorate has confiscated eight properties and five parking spaces acquired by singer Adnan Sami under the Foreign Exchange Management Act.This means that the properties will now belong to the government.The ED has also imposed a fine of Rs 20 lakh on Sami,as being a Pakistani national,he was not allowed to acquire properties in India.

ED officials said that in 2003,Sami had acquired eight immovable properties and five parking spaces in Oberoi Sky Garden CHS in Lokhandwala,Andheri for a total consideration of Rs 2.53 crore without RBI permission.In fact,the RBI had rejected his request permission for acquisition of these properties.The builders had told the ED that they were not aware that he was a Pakistan national.

Sami misled banks: ED
Nationals of Pakistan,Bangladesh,Sri Lanka,Afghanistan,China,Iran,Nepal and Bhutan are barred from acquiring or transferring immovable properties in India without the RBIs permission.

Adnan Sami had transferred five flats valued at Rs 1.5 crore along with three parking spaces in May 2008 to his wife Sabah Galadari,a UAE national residing in Dubai,without the permission of RBI.They bickered over the flats after their marriage was declared null and void by the family court.ED officials said that he had also misled the bank by declaring himself as an Indian national while taking loans.

The singer was first issued a show-cause notice.The matter was adjudicated and orders were passed to confiscate the properties.ED has recently confiscated a number of properties purchased by foreign nationals in Goa in contravention of FEMA.

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