The Enforcement Directorate (ED) has provisionally attached immovable properties worth Rs 64 crore belonging to the Kamla Landmarc group, a real estate developer based in Chennai. The attached assets include flats and plots of land, the details of which haven't been disclosed yet.
This action by the ED stems from an ongoing investigation into alleged violations of the Foreign Exchange Management Act (FEMA) by the Kamla Landmarc group. The specific nature of the alleged FEMA violations is yet to be revealed by the agency.
The ED initiated searches at the offices of the Kamla Landmarc group earlier this week as part of their investigation. These searches were conducted under the provisions of FEMA, and the agency claims to have seized crucial documents and other evidence during the operation.
The Kamla Landmarc group, founded in 1986, is a prominent player in Chennai's real estate market. The company has a portfolio of residential and commercial projects across the city. They haven't yet issued an official statement regarding the ED's attachment of their properties.
This development comes amidst a broader crackdown by the ED on various entities suspected of FEMA violations. In recent months, the agency has attached assets of several companies and individuals involved in sectors like real estate, pharmaceuticals, and infrastructure, as part of its ongoing investigations.
The attachment of Kamla Landmarc's properties by the ED is likely to create uncertainty and anxiety among the company's investors and homebuyers. The full impact of this action will depend on the outcome of the ongoing investigation and any potential legal challenges mounted by the Kamla Landmarc group.