MANGALURU: The Enforcement Directorate (ED) has seized immovable property in the form of a residential house located in Attavar in the city valued at Rs 8.3 crore held by a Mangaluru businessman under the Foreign Exchange Management Act (FEMA), 1999.
ED received information that Iqbal Ahmed, a resident of the city and managing director of Iqbal Ahmed Infra Projects Private Limited and Sharief Marine Products Private limited, had acquired immovable property outside India by violating the provisions of the Foreign Exchange Management Act, 1999.
