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The Times of India

National

TNN

ED seizes Rs 194 crore assets from Chennai firm under FEMA

CHENNAI: The enforcement directorate has seized assets worth Rs194 crore from a Chennai-based private company under Foreign Exchange Management Act (FEMA), 1999.

The central agency said that the action was taken in the matter of offshore payments illegally received by GI Retail Private Limited, and beneficially held by Ramu A Ramasamy, Palaniyapan A Ramasamy and their family members.

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