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ED seizes properties of M/a Mack Soft Tech Private Ltd worth Rs 86.38 crore

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Enforcement Directorate has seized properties of M/s Mack Soft Tech Private Limited worth Rs 86.38 crore, the investigative agency said in a statement on Wednesday.

"Enforcement Directorate (ED) has seized assets of M/s Mack Soft Tech Private Limited, Hyderabad, in the form of Q-City Tech Park consisting of 2500 sq yards of land and 2,45,000 sq feet of building space cumulatively worth Rs. 86.38 Crore under the provisions of Section 37A of Foreign Exchange Management Act, 1999 (FEMA), in lieu of foreign assets illegally held abroad in contravention of Sec 4 of FEMA. The seized Tech Park is situated at Nanakramaguda, Gachibowli, Hyderabad," read a statement issued by the ED.

ED initiated an investigation under FEMA on the basis of information that M/s MSTPL allegedly remitted huge funds outside India in contravention of FEMA.

"During the course of investigation, it was revealed that M/s MSTPL illegally transferred foreign exchange to the tune of US$ 12,500,000 (equivalent to Rs 62.08 Crore) to Orient Guide Investments Limited, Hong Kong under the guise of purchase of a non-existent fake software license," the investigative agency said in its statement.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 31 2019. 22:14 IST