The Enforcement Directorate on Friday said it has slapped a penalty of Rs 62 lakh on Kashmiri businessman Zahoor Ahmad Shah Watali for alleged violation of the Foreign Exchange Management Act (FEMA).
The case pertains to Watali opening non-resident savings accounts in a HSBC bank branch in Delhi in alleged contravention of the law.
The federal probe agency has issued a final show cause notice to Watali for contravening the FEMA after completion of probe, the agency said.
Watali is already under the probe scanner of the ED and the National Investigation Agency (NIA) on charges of alleged terror funding and his purported links with banned Pakistan-based terrorist outfit Lashkar-e-Taiba and its chief Hafiz Saeed.
Watali is at present in jail.
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