New Delhi: The Enforcement Directorate (ED) on Tuesday seized assets worth Rs20.87 crore of Dabur India director Pradip Burman for failing to disclose assets held abroad.
ED seized the assets under section-37A of the Foreign Exchange Management Act (FEMA).
Burman is the chairman of Dabur Nepal Pvt. Ltd (a unit of Dabur India Ltd), Sanat Products Ltd and Ayurvet Ltd.
Burman joined Dabur in 1968, after completing his education from Massachusetts Institute of Technology.
The seized assets include 50,000 tax-free government bonds.
The agency took over the case on the basis of a chargesheet filed by the income tax department against Burman for undeclared income in 2007-08.
ED said the assets were seized after it was found that Burman deposited $3.21 million in his account with HSBC Bank in Switzerland and that he “did not" show this amount in his income tax returns filed during 2007-08 despite declaring it to the taxman that this was his earnings.
“The investigation revealed that Burman has deposited $3.21 million with HSBC, Zurich and was holding the same in contravention of section-4 of the FEMA and failed to repatriate the entire amount to India till date," ED said.
PTI contributed to this story.